Bitcoin may be entering a longer downside phase, with 2026 potentially facing a crypto winter, according to Cantor Fitzgerald in its year-end report. Analyst Brett Knoblauch notes the current distance to Bitcoin’s cyclical high is about 85 days, and prices could stay pressured in the coming months, even testing the breakeven level for long positions around $75,000.
Cantor stresses that this pullback differs from past bear markets triggered by mass liquidations or systemic risk. The firm adds that leadership in the market has shifted from retail to institutions, with token prices diverging from on-chain developments as DeFi, asset tokenization, and crypto infrastructure continue to advance.
The report underscores evolving market dynamics. It suggests fundamentals are not aligning with near-term price action as institutions gain influence and the crypto ecosystem progresses despite headwinds.
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