A circulating report attributed to Fundstrat Global Advisors has warned of a possible cryptocurrency pullback in early 2026, sparking debate across digital asset markets.
The document, shared widely on social media, outlines downside scenarios that appear to contradict the bullish tone recently struck by Tom Lee.
Screenshots of the report suggest it forms part of an internal 2026 crypto strategy briefing intended for select Fundstrat clients.
According to the material, the first half of 2026 could see a “meaningful drawdown” across major cryptocurrencies before stabilisation later in the year.
Bitcoin (CRYPTO:BTC) is forecast in the document to fall into a $60,000 to $65,000 range during a potential correction phase.
Ether (CRYPTO:ETH) is projected to decline sharply, with downside estimates placing it between $1,800 and $2,000.
Solana (CRYPTO:SOL) is also included in the bearish outlook, with suggested pullback levels ranging from $50 to $75.
The report reportedly frames these declines as possible long-term buying opportunities rather than signals of structural collapse.
Fundstrat has not publicly released the document, and its authenticity has not been independently verified at the time of circulation.
Several prominent crypto-focused accounts have claimed the report was distributed privately to institutional or internal clients.
Tom Lee, a managing partner at Fundstrat, has not publicly endorsed the contents of the circulating outlook.
The outlook is believed to have been authored by Sean Farrell, Fundstrat’s head of digital asset strategy.
The tone of the report contrasts with Lee’s recent public remarks delivered at an industry event in Dubai.
Bitcoin could reach $250,000 within months, Tom Lee said.
He also describe Ether at current levels as undervalued.
Lee has argued that a return to historical ETH-to-Bitcoin ratios could imply significantly higher valuations for Ether.
He previously suggested Ether could mirror Bitcoin’s long-term growth trajectory seen over the past eight years.
We believe ETH is embarking on that same Supercycle, Tom Lee said during a separate public appearance.
Despite broader market uncertainty, companies linked to Lee have continued accumulating Ether aggressively.
Recent disclosures indicated millions of Ether tokens were added to corporate holdings within a short period.
These acquisitions were presented as a strategic bet on long-term value despite near-term volatility.
Market participants remain divided, weighing the bearish signals from the circulating report against Lee’s outspoken optimism.
At the time of reporting, Bitcoin price was $88,053.79.