As Bitcoin (BTC) experienced significant volatility throughout the year, reaching new all-time highs (ATHs) before enduring sharp corrections of up to 30%, the cryptocurrency community has become increasingly polarized regarding its future direction.\u00a0<\/p>\n
Many analysts are raising concerns about a potential bear market emerging in 2026; however, market expert Shanaka Anslem has offered a different perspective on social media platform X (formerly Twitter), questioning whether 2025 has already represented the real bear market.<\/p>\n
In his analysis, Anslem highlights key evidence<\/a>. For the first time in history, Bitcoin breached its all-time high prior to the Halving event in April of this year, which he argues isn\u2019t a bullish signal but rather an indication of the cycle inverting.\u00a0<\/p>\n According to him, 2024 should not be viewed as the beginning of a new bull run; instead, it was a period of what he calls \u201cpolitical repricing\u201d as the market factored in a pro-crypto administration with President Donald Trump\u2019s reelection.\u00a0<\/p>\n The characteristics of a bear market have been evident in 2025, according to Anslem. Bitcoin\u2019s dominance has reached multi-year highs while altcoins <\/a>continue to struggle, leading to quarter-after-quarter declines in their values.\u00a0<\/p>\n Additionally, a massive $3.5 billion in exchange-traded fund (ETF) outflows occurred within just one month. This year saw a significant 29% drawdown from its October highs, paired with extreme fear readings on various sentiment indices.<\/p>\n Anslem insists that while the four-year Halving cycle remains relevant, its impact has evolved. With $120 billion in ETF interconnected with the Federal Reserve\u2019s (Fed) liquidity, the Halving continues to dictate BTC\u2019s supply<\/a>, but demand now aligns with broader economic narratives rather than the more crypto-specific factors.<\/p>\n What does Anslem\u2019s \u201ccycle inversion\u201d theory implies for 2026? If the bear market has already transpired, masked by nominal highs, the next logical phase might be a genuine blow-off top.\u00a0<\/p>\n His predictions suggest Bitcoin\u2019s price could soar to between $150,000 and $200,000, particularly as global liquidity continues to expand and directs capital toward hard assets. Anslem believes that many in the market are currently positioned for a downturn that has already occurred.<\/p>\n However, dissenting opinions exist. Analyst Mr. Wall Street argues <\/a>that the bottom for Bitcoin has not yet arrived and won\u2019t be realized in the coming weeks or months.\u00a0<\/p>\n He highlights that the critical support level has been breached, indicated by the weekly exponential moving-average (EMA50) closing below the threshold.\u00a0<\/p>\nMajor Bitcoin Rally Ahead?\u00a0<\/h2>\n