Ophelia Snyder, co-founder of 21Shares, stated that the current market conditions will make it difficult for Bitcoin to replicate its price surge from early 2025 as it enters 2026.
Snyder told Cointelegraph, "The factors driving the current volatility are unlikely to completely dissipate in the short term."
"Whether we can see a repeat in January largely depends on broader market sentiment."
Snyder explained that January often sees a "re-net inflow" of Bitcoin exchange-traded funds (ETFs) as investors rebalance and reposition their portfolios at the beginning of the year.
Given the current subdued positive market sentiment, Snyder expressed uncertainty about Bitcoin's performance in January.
On January 9, Bitcoin reached a peak of $109,000 just a day before Trump's scheduled inauguration, as traders bet that his proposed plans for the crypto industry would trigger a rally.
On October 5, Bitcoin climbed to its current high of $125,100, but soon after, it entered a downward trend following a $19 billion liquidation event in the crypto market on October 10.
This event prompted many market participants to shift from previously more optimistic year-end price expectations to a more cautious short-term price outlook.
As of the time of writing, Bitcoin's price is $92,150, having dropped nearly 10% over the past 30 days, according to CoinMarketCap.
However, the current environment makes Snyder more optimistic about the long term.
She stated, "I tend to be bullish because I believe this latest pullback is a response to the general risk-averse sentiment under broader market conditions, rather than stemming from any crypto-specific factors."
Snyder noted that several factors could drive Bitcoin to outperform further, including the expansion of crypto ETFs on major platforms, increased government adoption, and rising demand for value storage beyond gold.
She identified potential catalysts that could lead to Bitcoin underperforming, including risk-averse sentiment in broader financial markets and the continued strength of gold, which may diminish Bitcoin's appeal to traditional investors.
However, other industry executives are more optimistic about a historical repeat.
Tom Lee, chairman of BitMine, recently stated that Bitcoin will reach a new high before the end of January 2026.
According to CoinGlass, Bitcoin's average return in January since 2013 has been 3.81%.
Related: Santiment: XRP sentiment plummets, possibly building momentum for token price increase
Original article: “21Shares Founder Predicts: Bitcoin (BTC) May Struggle to Repeat January Surge, Low Probability of New High”
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