Fundstrat Warns Bitcoin, Ether, and Solana Could Drop Sharply Early 2026

Highlights:

• Fundstrat report warns major cryptocurrencies could face sharp losses in early 2026.
• Bitcoin may fall to $60,000–$65,000, while Ether and Solana also drop.
• Private document contrasts Tom Lee’s bullish public comments on crypto prices.

A report linked to Fundstrat Global Advisors has stirred fresh debate across the crypto market. The document presents a weak price outlook for major cryptocurrencies in early 2026. This view stands in contrast to recent public comments made by Tom Lee, which had suggested a more positive direction.

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Soon after, screenshots of the report began circulating on X and quickly gained attention. Fundstrat has not shared the material through its official channels. However, several crypto-focused accounts, including Wu Blockchain, said the firm circulated the document among internal clients. 

According to @_FORAB, Tom Lee's fund, Fundstrat, stated in its latest 2026 cryptocurrency strategy advice to internal clients that a significant correction is expected in the first half of the year, completely contradicting Tom Lee's public statements.

The internal report sets… pic.twitter.com/HbRoNzr85z

— Wu Blockchain (@WuBlockchain) December 20, 2025

Fundstrat Signals Severe Early 2026 Pullback

According to the text, strong selling pressure could hit Bitcoin, Ether, and Solana before any recovery takes shape later. More specifically, the document warns of a “meaningful drawdown” during the first half of 2026. It projects Bitcoin falling into the $60,000 to $65,000 range. At the same time, Ether is shown near $1,800 to $2,000, while Solana is expected to drop toward $50 to $75.

Fundstrat analysts describe the expected decline as tactical. The note says market pressure is still present, even though long-term optimism remains. At the same time, economic tightening, policy uncertainty, and weak risk appetite continue to affect prices.

The report also points to rising market instability as large BTC and Ethereum options move closer to expiration. In these periods, short-term price swings often increase. This adds extra pressure during an already sensitive market phase. During any pullback, analysts expect Bitcoin to face the biggest impact. They see more downside risk for Bitcoin than for other assets, mainly because it acts as the main source of liquidity across crypto markets.

The strategy note tells investors to stay patient during expected weakness. Analysts say prices often swing before moving higher. They stress that careful buying during declines can help make gains later. The document shows recovery may start in the second half of 2026. Analysts believe prices near the projected ranges could let more people buy as pressure eases and confidence grows. This cautious view is different from Tom Lee’s public comments. As co-founder and head of research at Fundstrat, he has often shown confidence in new highs for Bitcoin and Ethereum.

Tom Lee Projects Strong Upside for Bitcoin and Ether

Earlier this month, Tom Lee spoke at Binance Blockchain Week in Dubai. He said Bitcoin could reach $250,000 within months. At the time, Ether was near $3,000, and Lee called it “grossly undervalued.”

At Binance Blockchain Week Dubai, Tom Lee said:

– Bitcoin could reach $250,000 soon
– If ETH returns to its 8-year average ratio → ~$12,000
– If it revisits 2021 levels → ~$22,000
– If ETH hits 0.25 BTC → ~$62,000

He says ETH at ~$3,000 is “grossly undervalued” pic.twitter.com/NI4noG7JAn

— Tom Lee Tracker (Not actually Tom) (@TomLeeTracker) December 4, 2025

Lee also gave price ideas based on past Ether-to-Bitcoin ratios. If the ratio returns to the eight-year average, Ether could reach about $12,000. A return to 2021 levels could push it near $22,000. He also mentioned even higher ratio possibilities. An ETH-to-Bitcoin ratio of 0.25 could place Ether above $60,000. These numbers strengthened long-term optimism among event attendees.

In November, Lee suggested that Ether could follow Bitcoin’s past path. He said ETH might be starting a similar Supercycle, pointing to Bitcoin’s rise of over 100 times since 2017. His confidence also showed in his actions. BitMine, linked to him, reportedly kept adding Ether even when the market was weak.

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