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A leaked document allegedly from Fundstrat Global Advisors predicts Bitcoin will drop to $60,000-$65,000 in early 2026—sharply contradicting the firm’s managing partner Tom Lee, who publicly forecasted $250,000 within months.
The report, whose authenticity has not been independently confirmed, has not been formally released by Fundstrat. However, several crypto-focused accounts, including Wu Blockchain, claim it was circulated to internal clients.
According to screenshots shared online, the internal-looking document outlines downside targets across the largest digital assets.
Bitcoin is projected to fall into a range of $60,000 to $65,000, Ether to decline to between $1,800 and $2,000, and Solana to retreat as low as $50 to $75.
The report frames the projected slump as a potential reset rather than a prolonged collapse, suggesting the drawdown could create buying opportunities later in 2026.
The report is said to have been authored by Sean Farrell, Fundstrat’s head of digital asset strategy. Tom Lee, a managing partner at the firm and its head of research, is not listed as the author.
Sources have noted that it could not independently verify the document at the time of publication, adding another layer of uncertainty for investors attempting to interpret the firm’s true crypto outlook.
The circulating crypto outlook stands in clear contrast to Tom Lee’s recent public statements. Speaking earlier this month at Binance Blockchain Week in Dubai, Lee struck an emphatically bullish tone, projecting near-term upside rather than a multi-asset drawdown.
“Bitcoin could reach $250,000 within months,” Lee said during his presentation. He also described Ether, trading near $3,000 at the time, as “grossly undervalued.”
Lee expanded on his bullish Ether thesis by pointing to historical valuation metrics. He argued that a return to Ether’s eight-year average ratio against Bitcoin would imply a price near $12,000.
Revisiting relative levels last seen in 2021 could push Ether toward $22,000, while an ETH/BTC ratio of 0.25 would suggest valuations exceeding $60,000.
In a separate statement made in November, Lee reinforced his long-term conviction in Ether’s growth trajectory. “We believe ETH is embarking on that same Supercycle,” he said, comparing its potential path to Bitcoin’s more than 100-fold increase since 2017.
Further complicating the narrative is the activity of BitMine, a company associated with Lee, which has continued to accumulate Ether even amid market uncertainty.
According to a Dec. 8 disclosure cited by Cointelegraph, BitMine held nearly 3.9 million ETH as of Dec. 7 after adding more than 138,000 ETH in a single week.
The company claimed its holdings represent more than 3.2% of Ether’s total supply, a concentration that underscores Lee’s confidence in Ether’s long-term value proposition.
This aggressive accumulation appears at odds with a cautious crypto outlook that anticipates Ether falling as low as $1,800 before stabilizing.
As digital assets mature and attract greater institutional attention, episodes like this underscore how divergent forecasts—sometimes from the same organization—can shape risk perception.
Whether the bearish projections materialize or Lee’s bullish vision prevails, the debate itself has become a defining feature of the current crypto outlook, one that investors and policymakers alike will be watching closely.
