What if 2025 was not the start of a long decline, but the end of a bear cycle? As fear sets in on the markets and bitcoin remains far from its peaks, Samson Mow, founder of Jan3, is shaking up certainties. According to him, the bear market is already behind us, and what many fear for 2026 could actually mark the start of a historic bull run… lasting ten years.

In brief
- Samson Mow, founder of Jan3, says 2025 marked the end of the Bitcoin bear market, not its beginning.
- He forecasts a potential ten-year bull run, extending through 2035, supported by strong fundamentals.
- At the same time, several experts, including Peter Brandt and Jurrien Timmer, anticipate a possible correction in 2026.
- Other voices, like those of Phong Le and Matt Hougan, remind us that the fundamentals remain healthy despite the volatility.
Samson Mow revives the bullish thesis
In a post on X on December 27, Samson Mow, founder of Bitcoin infrastructure company Jan3, claimed that the bear market is already behind us.
“2025 was the bear market”he wrote, suggesting that the phase of consolidation or price decline experienced this year could actually mark the end of a bear cycle, rather than its beginning.
He goes even further, evoking the idea of a ten-year bull run to come, extending until 2035. Analyst PlanC shares this conviction: “if you held out until 2025, then you made it through the bear market”. A way of saying that the worst is over, and that those who exposed themselves to bitcoin this year should reap the rewards during the next bullish cycle.
For these supporters of an optimistic reading, several elements reinforce their thesis, despite the current climate of doubt:
- The price of bitcoin has fallen 8.98% since 1er January, currently reaching $87,888;
- Over the last 30 days, the decline is 3.29%, which signals a loss of momentum in a wait-and-see market;
- Bitcoin is on track to close the year in red, which would be a first in its history;
- The euphoric predictions made earlier in the year, notably those of Arthur Hayes and Tom Lee, envisioning BTC at $250,000, proved to be largely unrealistic;
- In response, Mow and his supporters defend a longer-term macroeconomic reading. Current stagnation would be the prelude to sustainable structural expansion, based on the fundamentals of the network and the post-halving context.
This positioning, a minority in a climate dominated by uncertainty, therefore proposes a complete reversal of the dominant narrative. It is based on historical precedents and a strong faith in the resilience of bitcoin, despite technical indicators losing momentum.
2026, the year of truth?
Contrary to this optimistic reading, several leading analysts warn against premature over-enthusiasm.
Peter Brandt, a seasoned trader respected for his chartist analyses, predicts a fall in bitcoin to $60,000 by the third quarter of 2026. Jurrien Timmer, director of macroeconomic research at Fidelity, also mentions a possible decline in BTC towards $65,000, calling 2026 a break year for the asset. These projections are based on a more cyclical reading of the market and take into account current macroeconomic signals, but also a possible slowdown in post-halving dynamics.
Beyond simple price forecasts, it is market sentiment that triggers concern. Since December 13, the Crypto Fear & Greed Index has been stuck in the extreme fear zone, reaching a score of 20 out of 100 on December 26.
This anxiety-provoking climate coincides with a continued decline in the price of the flagship crypto over the last 30 days (-3.29%), reinforcing the idea that investor confidence is eroding. However, some like Phong Le, CEO of Strategy, maintain that the fundamentals remain strong despite this period of decline. Last July, Matt Hougan, from Bitwise, even said that 2026 would be a year of recovery.
In this climate of uncertainty, interpretations clash. Some are banking on a structural recovery, others fear a prolonged downturn. However, as Changpeng Zhao reminds us, it is better to buy in fear, not in euphoria. A principle that 2026 could once again put to the test.
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