A recent report circulating within Fundstrat Global Advisors has raised eyebrows in the crypto community, warning of a potential drawdown for major cryptocurrencies in early 2026. This outlook appears to starkly contrast with the more optimistic predictions made by Tom Lee, Fundstrat’s managing partner and head of research. The internal document, which has not been publicly confirmed by the firm, suggests that Bitcoin could fall to between $60,000 and $65,000, while Ethereum may drop to the $1,800 to $2,000 range. Solana isn’t spared either, with targets set between $50 and $75 before the market might present buying opportunities later in the year.

This bearish tone has sparked discussion, especially given that Lee recently spoke at Binance Blockchain Week in Dubai, where he painted a much brighter picture for the future of cryptocurrencies. According to Lee, Bitcoin could soar to $250,000 in just a few months, and he described Ethereum as “grossly undervalued” at around $3,000.

The circulating report by Fundstrat has reportedly been attributed to Sean Farrell, the firm’s head of digital asset strategy. Screenshots of the document shared on social media platform X indicate that it serves as internal strategy guidance for 2026. The report’s cautionary stance stands in direct opposition to Lee’s bullish assertions. He has even hinted at potential price levels for Ether that could reach as high as $12,000, based on historical ratios against Bitcoin.

Lee’s enthusiasm doesn’t stop there. He believes that if Ethereum were to revisit its eight-year average ratio against Bitcoin, prices could bounce back to $22,000. Furthermore, he argues that an ETH/BTC ratio of 0.25 would imply values north of $60,000, reinforcing his belief in a significant upside for Ethereum.

As the crypto space continues to evolve, the divergence in outlooks between Fundstrat’s internal report and Lee’s public comments underscores the unpredictability of the market. The circulating document has reportedly been shared with internal clients, though it has not been officially released by Fundstrat. As such, the authenticity has not been independently verified, which leaves some room for skepticism.

Despite the cautious note struck by the internal report, Lee has maintained a bullish outlook on Ethereum, even stating that the cryptocurrency may be on a path similar to Bitcoin’s dramatic rise since 2017. He referred to this phenomenon as a potential “Supercycle” for Ethereum, suggesting that it could follow a trajectory of exponential growth.

Moreover, Lee’s BitMine has been aggressively accumulating Ether, even in a challenging market backdrop. According to a disclosure made in December, BitMine claimed to hold nearly 3.9 million ETH, representing over 3.2% of the total supply. This bold acquisition strategy raises questions about the long-term prospects for Ether, especially in light of the bearish forecast from Fundstrat.

In the broader context, the crypto market has witnessed significant volatility, making it crucial for investors to remain informed about differing viewpoints. While some analysts predict a downturn, others see the potential for substantial gains. The ongoing debate highlights the need for investors to conduct thorough research and consider multiple perspectives before making investment decisions.

Ultimately, the contrasting views within Fundstrat itself serve as a reminder of the complexities and uncertainties in the cryptocurrency market. As we move closer to 2026, it will be interesting to see how these predictions play out and what impact they will have on investor sentiment and market dynamics. The crypto landscape is ever-changing, and as history has shown, it can shift dramatically in a matter of weeks or even days.