Bitcoin Could Enter Early Crypto Winter as Institutions Drive Market, Cantor Fitzgerald Analyst Predicts

Bitcoin could be entering the early phase of a crypto winter, according to a note from Cantor Fitzgerald analyst Brett Knoblauch, which aligns with the asset’s four-year cycle pattern. The assessment points to persistent price pressure as macro drivers rebalance and markets digest liquidity conditions.

The report notes price softness could extend for months and test a key cost basis near $75,000 per BTC. Unlike prior downturns, the environment may avoid broad liquidations, with institutional participants shaping the market more than retail traders.

With price action diverging from progress, Knoblauch highlights a widening gap between token performance and underlying fundamentals. Focus areas include DeFi, asset tokenization, and crypto infrastructure as the real engines of development, even as valuation pressure persists.