With markets now firmly in the home straight for the run into year-end, the crypto sector remains in a daze following its October meltdown.

After being one of the best-performing assets during the first nine months of 2025, with Bitcoin up over 35% at its October peak of $126,272, it is now down 5.25% year-to-date (YTD) at its current price of $88,480. Ethereum has suffered a similar fall from grace. At its current price of $3005, it is down 9.80% YTD, a stark contrast to being up almost 50% in August.

The overhang from this correction has left the outlook for Bitcoin and Ethereum uncertain, a sentiment perhaps best illustrated by the conflicting views offered recently by two research strategists at the boutique United States (US) firm Fundstrat Global Advisors.

Tom Lee, the well-known co-founder and head of research, remains publicly bullish. He predicts that Bitcoin could reach $250,000 within months and calls Ether at roughly $3000 ‘grossly undervalued’. Notably, Lee is also the chairman of BitMine, a company aiming to become the world’s leading Ethereum treasury.

However, in a recent internal client note, Sean Farrell – Fundstrat’s head of digital asset strategy – caused a stir by outlining a more cautious short-term view. Farrell sees Bitcoin falling to $60,000 – $65,000 in the first half of 2026, citing risk management concerns and the potential for further drawdowns.

Tom Lee explained the disagreement by stating that the views reflected different mandates: his own long-term macro bullishness versus Farrell’s near-term tactical caution.

Our view is more in line with Farrell’s. This is based on our technical view outlined here two weeks ago (and refreshed below), reinforced by the soft price action overnight as Bitcoin recoiled from the $90,536 high it hit earlier in the session, despite a supportive backdrop of higher equities, rising gold prices, and a US dollar.