Samson Mow: 2025 Was Bitcoin’s Bear Market, Decade Bull Run Ahead
Bitcoin set a new all-time high in October, yet Jan3 founder Samson Mow characterized 2025 as a “bear market” and said he expects a prolonged uptrend that could extend into 2035. His remarks come amid debate over whether the October peak of $125,100 represented the cycle top and whether 2026 could mark the beginning of the next downturn.
“2025 was the bear market,” Mow said in an X post on Friday, adding that Bitcoin may be at the start of a “decade long bull run.” Analyst PlanC expressed a similar view, writing on X the same day: “If you made it through 2025, you made it through the bear market.”
Bitcoin may finish the year lower
PlanC noted that “Bitcoin has never had two red yearly candles in a row,” even as the asset appears on track to close the year below its opening level. Bitcoin is down 8.98% since Jan. 1 and was trading at $87,210 at the time of publication, according to CoinMarketCap.
The price remains below projections from BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee, who as recently as October suggested Bitcoin could still reach $250,000 by year-end.
Bitcoin is down 3.29% over the past 30 days. Source: CoinMarketCap
Market sentiment has been weak through much of December. On Dec. 26, the Crypto Fear & Greed Index fell three points to 20 out of 100, marking a two-week period of “extreme fear” that began on Dec. 13.
Outlooks diverge on Bitcoin’s path in 2026
Forecasts for 2026 vary among market participants. Veteran trader Peter Brandt recently projected that Bitcoin could decline to as low as $60,000 by the third quarter of 2026. Jurrien Timmer, Fidelity’s director of global macroeconomic research, said 2026 could be a “year off” for Bitcoin, with prices potentially falling to $65,000.
Other views are more constructive. Strategy CEO Phong Le said Bitcoin’s market fundamentals remained resilient in 2025 despite softer prices and sentiment late in the year. Bitwise chief investment officer Matt Hougan said in July that 2026 would be an “up year” for Bitcoin.
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