A leaked internal document from Fundstrat Global Advisors is stirring controversy within the cryptocurrency community, projecting a significant price correction for major cryptocurrencies, particularly Bitcoin and Ethereum, by early 2026. This guidance notably contrasts with the bullish forecasts made by the firm’s chairman, Tom Lee, who has consistently expressed optimism about the future of digital assets.
The leaked document, shared widely on social media, particularly on X by a user known as Heisenberg, outlines a downside forecast for Bitcoin, suggesting it could plummet to $60,000, while Ethereum might fall to between $1,800 and $2,000. Further projections included Solana with a potential range of $50 to $75. The document suggests that clients should brace for heightened volatility and considerable drawdowns, indicating a potentially rocky first half of 2026 for the crypto market.
The public dissemination of this guidance raises questions about the internal dynamics at Fundstrat, especially since it starkly contrasts with Lee’s predictions of Bitcoin reaching $150,000 to $200,000 by late January 2026, and even a projection of $250,000 within months. Similarly, Lee has expressed bullish sentiments regarding Ethereum, asserting its key role in the tokenization of real-world assets and labeling current prices as significantly undervalued.
In response to the leaked document and concerns about an internal rift, Sean Farrell, Fundstrat’s Head of Digital Asset Strategy, clarified that the differing outlooks do not signify disagreement within the firm. He explained that Fundstrat employs multiple analytical frameworks tailored to diverse client needs regarding portfolio sizes and risk tolerances. Farrell described that his focus lies on active management strategies relevant for clients heavily invested in cryptocurrencies, where short-term volatility is a crucial consideration, differing from Lee’s broader, long-term outlook aimed at institutional investors.
Lee has maintained that his analysis remains focused on institutional clients looking to allocate small portions of their portfolios—typically between 1% and 5%—to Bitcoin and Ethereum. He has frequently highlighted the transformative potential of these cryptocurrencies, particularly Ethereum, which he asserts is at the forefront of a burgeoning market in asset tokenization.
While the internal guidance presents a contrasting viewpoint to Lee’s optimistic public demeanor, it emphasizes the complexities of navigating the cryptocurrency landscape, where market dynamics can shift rapidly and uncertainties abound. As the crypto market approaches 2026, stakeholders are left to grapple with these conflicting signals, weighing potential risks against the backdrop of Lee’s steadfast projections of growth.
