After Bitcoin dropped to $94,200 early Saturday morning, many investors began worrying that the bull run might be ending ahead of schedule. But according to Bitwise CEO Hunter Horsley, today’s market picture should be read very differently.
In a new post on X, he writes:
“Since the launch of Bitcoin ETFs and the arrival of the new administration, we’ve entered an entirely new market structure: new participants, new dynamics, new reasons why people buy and sell.”
According to Horsley, the familiar four-year Bitcoin cycle no longer reflects market reality. It’s a model from an era that no longer exists.
That also means one thing: after peaks in November 2017 and November 2021, there is no reason to assume the next top must happen in November 2026, followed by another “crypto winter.”
Horsley offers an alternative reading:
“I think there’s a very good chance we’ve been in a bear market for nearly six months already — and that we’re almost through it.”
Six months ago, Bitcoin traded around $104,000 — about 8% above current levels.
Horsley ends his comment with an even more bullish tone:
“Crypto has never had better conditions than it has today.”
Bitwise, the asset manager he runs, is preparing to launch its own XRP Spot ETF. Meanwhile, Canary Capital this week celebrated the most successful ETF debut of 2026 with its Ripple index fund.
Horsley’s colleague at Bitwise, Matt Hougan, also refused to back away from his bullish forecast:
“The forces driving this market — institutional flows, regulatory progress, stablecoins, tokenization — are simply too strong to stop. 2026 is going to be a great year.”