According to reportsFundstrat analysts are sending mixed signals about Bitcoin’s price in 2026. One department within the company sees a noticeable pullback early next year, while another department predicts new highs will emerge soon after.
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Sean Farrell, Fundstrat’s head of digital asset strategy, reportedly told clients that in a “base case” Bitcoin down towards $60,000-$65,000 in the first half of 2026.
The same internal material characteristics are driving pullbacks for other major tokens – ETH towards around $1.8K – $2K and SOL near $50 – $75 – which were framed as potential buying opportunities if the markets were to correct.
Risk models and shorter time horizons
Farrell’s note, which is circulating as screenshots on social media and among clients, highlights risk management and the possibility of a meaningful pullback before a sustained rally.
Sean Farrell, head of digital asset strategy at Fundstrat, says $BTC up to $60,000 as base case, 1H 2026.
says Fundstrat head Tom Lee $BTC to ATHs, even up to $200,000, by the end of January 2026.
Is it normal for funds to contradict each other internally?
Honest question. pic.twitter.com/KETNygLEtu
— Heisenberg (@Mr_Derivatives) December 20, 2025
The language in these customer declines indicates cautious positioning and taking advantage of lower price levels when they occur.
Tom Lee’s bullish outlook remains publicly strong
By means of contrastTom Lee – co-founder of Fundstrat and a longtime voice on Bitcoin – has publicly said he expects new all-time highs in early 2026, with some media reviews citing optimistic ranges as high as $200,000 by the end of January 2026.
Well said @ConvexDispatch
👌 https://t.co/8kWrgcl6ml— Thomas (Tom) Lee (no drummer) FSInsight.com (@fundstrat) December 20, 2025
He has highlighted macro factors, institutional flows and cycle dynamics as reasons for continued upside potential in the coming months.
Different roles, different time frames
Reports have shown that the two views reflect different analytical roles within the company: one focused on downside planning at the portfolio level and the other on longer-term macro scenarios.
Several customers and observers on X (formerly Twitter) have pushed back on the idea that these are contradictory; instead, they say the notes reflect different mandates and time frames.
Market reaction and what investors are hearing now
Markets reacted to the story with a mix of skepticism and quick profit-taking. Some traders highlighted how quickly sentiment can change if internal notes leak, while others said the range of outcomes – from around $60,000 to $200,000 – only underlines how uncertain the 2026 forecasts remain.
Trading desks reportedly treat the internal slides as one of many inputs, and not as an official, firm forecast.
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Public takeaway
According to reports Fundstrat has not issued a unified, public forecast that merges the two views into one number.
Instead, clients and the market are asked to weigh a downside scenario from the digital asset team against a bullish macro scenario from the leaders.
Featured image from Unsplash, chart from TradingView