Bitwise предсказывает завершение медвежьего рынка на фоне ключевых трендов Translated headline: Bitwise predicts the end of the bear market amid key trends

The fourth quarter of 2025 is likely to mark the end of the bearish cycle, according to Bitwise.

Matt Hougan, the platform’s Chief Investment Officer, drew parallels with the first quarter of 2023, when the market was recovering from the collapse of the FTX exchange and Bitcoin’s price surged from $16,000 to $98,000 by early 2025.

Hougan noted that a similar divergence is currently taking place: asset prices are declining while fundamental indicators are improving. He characterized this as a classic sign of a market bottom.

Bitwise identified four key trends from the previous quarter:

Market participants have differing views. Fundstrat’s head of research, Tom Lee, anticipates a challenging year due to tariffs and policies. In contrast, analysts at VanEck express a more optimistic outlook, predicting a rise in risk assets as early as the first quarter of 2026.

As potential catalysts for future growth, Bitwise highlighted the enactment of the Clarity Act, a «supercycle» of stablecoins, the appointment of a new head of the Federal Reserve, and the opening of access to spot ETFs for clients of major brokerage firms.

It’s worth noting that in January, macroeconomist Luke Gromen warned of the risk of Bitcoin dropping to $60,000 due to the trade war.