Bitcoin Nears Bottom as Bull Market Looms in Fall 2026

Bitwise's chief investment officer, Matt Hogan, believes that Bitcoin is nearing its bottom and expects a bull market to begin in the fall of 2026. This prediction comes after Strategy, Michael Saylor's company and largest holder of Bitcoin, saw its stock price plummet in late June. The plunge was attributed to concerns about Strategy's financial position and ability to meet its obligations.

As a result, Strategy shifted its strategy from buying Bitcoin to actively managing its reserves, allowing for the sale of $1.25 billion worth of the cryptocurrency. This decision led to a sharp decline in the company's stock price, with MSTR common shares hitting multi-year lows and STRC preferred shares falling nearly 30% below their par value.

Hogan notes that market participants often become concerned about companies like Strategy when they are at the bottom of a cycle. He dismisses concerns about Strategy facing financial difficulties, stating that for that to happen, Bitcoin would have to fall by more than 70% and remain at that level for years.