A recent internal report from Fundstrat Global Advisors has stirred up quite the controversy in the crypto world. The document, which has been shared by many on X, shows that it has been written by Sean Farrel, the firm’s head of digital asset strategy.
The document, which has not been officially published and is said to be circulated to Fundstrat’s internal clients, paints a cautious picture for early 2026. It warns of a “meaningful drawdown” in the market during the first half of the year. Specific downside targets include Bitcoin dropping to between $60,000 and $65,000, Ether sliding to $1,800–$2,000, and Solana falling to $50–$75. The report suggests this dip could create buying chances later in 2026, but it’s a far cry from the rosy outlook shared by Fundstrat’s managing partner, Tom Lee.
Speaking at the Binance Blockchain Week in Dubai earlier this month, Lee said that Bitcoin could reach $250,000 within months and described Ether at around $3,000 as “grossly undervalued.” Lee figures Ether might climb to $12,000 if it matches its eight-year average ratio to Bitcoin, or even $22,000 based on 2021 highs.
Meanwhile, Lee’s BitMine company has continued to accumulate large amounts of Ether even as market conditions soften, which shows confidence in the asset’s future despite the near-term caution. These contradicting viewpoints show a potential split in the firm’s outlook. Investors will have to be more cautious and brace for market jitters.
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