In 2025, advantageous regulatory outcomes helped supercharge a delirious crypto bull run—but that hot streak has since petered out. Now many traders are asking themselves: Was this it? Is it back to another bear market already? 

For Decrypt's annual Crypto Crystal Ball series, we're diving deep on the questions that could define the next year for digital assets, and what they mean for you.

We've already looked at whether the crypto industry will be able to pass its coveted market structure bill, and if Wall Street is poised to soon become the sector's next nemesis. Today, we pose a question that's surely on many of your minds: Will 2026 be a crypto winter?



While financial analysts have somewhat diverging views on the course next year is likely to take, most are in agreement that the answer to that burning question is a resounding no. 

“We do not see crypto winter on the horizon in any sense,” Zach Pandl, Grayscale’s head of research, told Decrypt of the firm’s 2026 outlook.

Pandl predicts, on the contrary, that Bitcoin will likely break another all-time price record in the first half of the year. The token reached its most recent all-time high of $126,000 in early October, but has since slipped significantly.

Greg Magadini, director of derivatives at Amberdata, agrees that 2026 won’t spiral into a crypto bear market—but also sees the year going a bit less smoothly. He anticipates 2026 will prove a "volatile mix” of intense moves for Bitcoin and Ethereum in both directions.

“I think 2026 is going to be scary on the front end for crypto longs, and then great on the back end for crypto longs,” Magadini told Decrypt.

The analyst anticipates Bitcoin will likely drop below $67,000 in the first few months of the year, before ultimately rallying to a new all-time high, potentially between $150,000 and $200,000. 

The difference in outlook between the analysts comes down to what they think is driving the current crypto bull run. Magadini, for instance, thinks crypto prices are now tied firmly to macroeconomic sentiment, which he anticipates will dip due to a credit crunch in the first third of 2026, before rebounding after central banks respond to the challenge.

“Everything that's crypto-specific is already priced in, and it's been as good as it can be,” Magadini said.

Grayscale’s Zach Pandl disagrees. He maintains that the crypto bull market’s stamina will be determined by two intra-industry trends: demand for alternative stores of value, and additional regulatory moves that accelerate the trend of crypto integrating with the traditional economy.

It’s that perspective which leads Pandl to predict Bitcoin—in a league of its own as an alternate store of value—is teed up for a strong 2026. But altcoins, and Ethereum to a lesser degree, are much more dependent on the regulatory narrative, he said—which will hinge next year on the passage of a crypto market structure bill in the United States.

Should that bill fail to pass—as we explored in an earlier entry in this series—then altcoins, and potentially Ethereum, could have a tougher year than Bitcoin, Pandl said.

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