Bitwise CEO: Four‑Year Crypto Cycle Is Dead, Big Rally Expected in 2026
Bitwise CEO Hunter Horsley said on X that the traditional four‑year crypto cycle is over as the market has matured. Horsley argued that the crypto market effectively entered a bear phase in February 2025, but ongoing accumulation by digital asset reserve firms and Bitcoin reserve companies masked downward pressure. He believes current developments are setting the stage for a major rally in 2026. The commentary is presented as market view, not investment advice.
Bullish
Horsley’s statement signals institutional accumulation amid a claimed underlying bear market, and his explicit forecast of a "major 2026 rally" frames the news as bullish for long‑term sentiment. For traders, confirmation that large reserve buyers are active tends to support higher bids and lower realized volatility, potentially reducing downside risk and creating a platform for a sizable rally when macro or crypto‑specific catalysts align. Historically, periods of heavy institutional accumulation (e.g., large-scale Bitcoin buying by institutions and funds) have preceded multi-month bull runs as liquidity imbalances flip. Short‑term impact may be muted — markets already pricing in mixed signals — but medium to long term this strengthens bullish narratives and could increase risk‑on positioning ahead of 2026. However, outcomes depend on macro conditions, on‑chain metrics, and whether accumulation persists.