A leaked document circulating on social media and attributed to Fundstrat Global Advisors warns of a sharp correction in cryptocurrency markets in early 2026, setting price targets for Bitcoin and Ethereum that sharply contrast with the public bullish forecasts of the firm’s chairman, Tom Lee.
Screenshots of the internal 2026 strategy guidance predicted Bitcoin could fall as low as $60,000, while Ethereum could decline to around $1,800.
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Fundstrat Bearish?
Screenshots of the purported internal guidance were first shared on X by a user known as Heisenberg (@Mr_Derivatives) and later amplified by crypto-focused accounts, including Wu Blockchain.
According to the posts, the internal outlook anticipates a “significant correction” in the first half of 2026, warning clients to prepare for heightened volatility and a substantial drawdown.
The document reportedly outlines downside ranges of:
- Bitcoin: $60,000–$65,000
- Ethereum: $1,800–$2,000
- Solana: $50–$75
This internal guidance stands in stark contrast to Tom Lee’s consistently bullish public commentary on digital assets.
Fundstrat Claims No Internal Conflict, Despite Tom Lee Difference
In response to Wu Blockchain, Fundstrat’s Head of Digital Asset Strategy, Sean Farrell, said the differing crypto outlooks do not reflect an internal disagreement.
Farrell explained that the firm employs multiple analytical frameworks tailored to different client needs, portfolio sizes, risk tolerances, and investment horizons.
According to Farrell, his research focuses on active management strategies for clients with significant crypto exposure, where shorter-term volatility and drawdown risk are more relevant.
By contrast, Lee’s public commentary is primarily directed at large institutional investors considering relatively small allocations, typically 1% to 5%, to Bitcoin and Ethereum.
Lee’s Bullish Bitcoin Outlook
Tom Lee has continued to project substantially higher Bitcoin prices in public appearances and media interviews.
Earlier reporting from Bloomberg cited Lee as expecting Bitcoin to rise to between $150,000 and $200,000 by late January.
More recently, he told attendees at Binance Blockchain Week that Bitcoin could reach $250,000 within months.
While some of Lee’s forecasts were partially validated when Bitcoin reached new all-time highs in October 2025, several of his predictions have missed their expected timelines.
Bullish on Ethereum
Lee has also been outspokenly bullish on Ethereum, arguing that its role in real-world asset tokenization supports long-term upside.
“In 2025, we’re tokenizing everything — not just the dollar, but stocks, bonds and real estate,” Lee said on stage at Binance Blockchain Week. “Where they’re building this is on Ethereum.”
He added that Ethereum’s price had remained range-bound for several years but had recently begun to break out.
“Ethereum at $3,000 is grossly undervalued,” Lee said. He further noted that if Ethereum returned to its eight-year average ratio against Bitcoin, it could reach approximately $12,000.
The leaked document’s suggested downside target of $1,800–$2,000 for Ethereum stands in sharp contrast to those projections.
