On December 29, Cantor Fitzgerald noted in its latest year-end report that Bitcoin could be entering a prolonged multi-month downturn, potentially setting the stage for an early “crypto winter” in 2026. Analyst Brett Knoblauch pointed out Bitcoin has retraced roughly 85 days from its recent peak, with prices likely to remain under pressure — possibly even testing the moving average around $75,000. Unlike prior cycles, this downturn is less likely to coincide with widespread liquidations or a systemic collapse. Cantor noted the current market is dominated by institutions, not retail investors, and the “divergence” between token prices and on-chain fundamentals is widening — especially in DeFi, tokenized assets, and crypto infrastructure. Cantor concluded that while 2026 may not necessarily bring a new bull market, the crypto industry’s institutionalization, compliance pathways, and on-chain infrastructure are solidifying as prices cool.
