Current market conditions may prevent Bitcoin from repeating its early 2025 price surge as the market heads into 2026, according to 21Shares co-founder Ophelia Snyder.
“It’s unlikely that the factors driving the current volatility will fully resolve in the short term,” Snyder told Cointelegraph. “A repeat performance next January will depend heavily on broader market sentiment.”
She noted that January often brings “renewed inflows” into Bitcoin exchange-traded funds as investors rebalance and reposition their portfolios at the start of the year.
Downtrend not unique to crypto
Snyder added that, given today’s weak market sentiment, it’s hard to predict whether Bitcoin will see the same momentum in January. Bitcoin hit a then-record high of $109,000 on Jan. 9—just one day before Donald Trump’s inauguration—as traders bet that his proposed crypto-friendly policies would drive further gains.
Bitcoin reached a high of $125,100 on Oct. 5, but it quickly slipped into a downtrend following a $19 billion crypto market liquidation on Oct. 10.
The event prompted many market participants to adopt a cautious short-term outlook, after initially holding more optimistic expectations for year-end prices. Bitcoin is currently trading at $92,150, down nearly 10% over the past 30 days, according to CoinMarketCap.
Despite the recent pullback, 21Shares co-founder Ophelia Snyder remains cautiously optimistic over the long term.
“I am feeling more bullish, as I see this correction as a reaction to broader risk-off sentiment in the market, rather than anything specific to crypto,” she said.
Catalysts for gains and risks
Snyder highlighted several factors that could drive Bitcoin higher, including the expansion of crypto ETFs on major platforms, increased government adoption, and growing demand for stores of value beyond gold.
Conversely, she noted that Bitcoin could underperform if risk-off sentiment persists across financial markets or if gold continues to attract traditional investors, reducing Bitcoin’s appeal.
Other industry voices are more optimistic. BitMine chair Tom Lee recently predicted that Bitcoin could reach a new high before the end of January 2026. Historically, Bitcoin has averaged a 3.81% return in January since 2013, according to CoinGlass.
