Cantor Fitzgerald "Bitcoin may be entering an 'early crypto winter'"

An analysis suggested that the Bitcoin market may have entered the early phase of a correction similar to the historical four-year cycle.

On the 30th (local time), according to CoinDesk, Brett Knoblauch (Brett Knoblauch), a Cantor Fitzgerald analyst, said in a recent report that "Bitcoin may have entered the early stage of a 'crypto winter' resembling the historical four-year cycle."

He predicted that "Bitcoin's price could face downward pressure in the coming months and could adjust down to around $75,000, the strategy's average purchase price level."

However, he analyzed that this adjustment may differ in nature from past bear markets. He judged that it is more likely to be a more orderly adjustment rather than large-scale panic selling or system collapse. He explained that this is not unrelated to the shift in market leadership from retail investors to institutional investors.

Knoblauch pointed out that "particularly in core areas such as decentralized finance (DeFi), asset tokenization, and crypto asset (cryptocurrency) infrastructure, the gap between actual technological and business progress and token price movements is gradually widening." He said that while price performance has been weak, fundamental industry development continues.

The report added that this structural gap could weigh on short-term prices but could also be interpreted as part of a medium- to long-term market restructuring. It also raised the possibility that, in an institution-centered market environment, the way prices for Bitcoin and major crypto assets are formed could show different patterns from the past.