Wall Street bank Cantor Fitzgerald said crypto markets are entering the final stage of the current bear cycle, with bitcoin's BTC$59,853.16 historical trading patterns pointing to a potential bottom in the coming months.
"Ultimately, our belief is that we are only a few months away from the bottom of this pullback," analysts led by Gareth Gacetta said in the Tuesday report.
As of June 10, bitcoin was 252 days past its 2025 peak and down about 51%. Across the previous three market cycles, BTC bottomed an average of 384 days after peaking, implying the current downturn could reach a low around late October if history repeats. The analysts cautioned that the model is not a precise timing tool given macroeconomic, regulatory and geopolitical risks but said crypto's reflexive nature means historical cycles can become self-reinforcing.
The world's largest cryptocurrency was trading around $59,500 at publication time.
With the market nearing a potential turning point, the report said investors should shift their focus from speculative activity to networks with durable value accrual.
Crypto markets have struggled in recent months, with bitcoin falling more than 50% from its late-2025 peak after a sharp June selloff driven by persistent exchange-traded fund (ETF) outflows, elevated interest rates and weaker risk appetite.
Ether (ETH) and most major altcoins have underperformed bitcoin during the downturn, although a handful of sectors, including decentralized finance (DeFi) and tokenization, have shown relative resilience.
While crypto adoption is expanding across stablecoins, tokenized real-world assets, onchain credit and DeFi, the bank argued that usage alone does not drive token value. Instead, long-term winners will convert activity into sustainable cash flow or lasting monetary demand.
Cantor identified Hyperliquid as the clearest example of fee-driven token economics through HYPE buybacks and burns, while bitcoin remains the benchmark monetary asset and Ethereum the dominant collateral layer for onchain finance.
Solana, Sui, XRP and Zcash each have differentiated strengths, the report said, but still need to prove they can translate ecosystem growth into durable token demand.
The bank also highlighted digital asset treasury companies as an overlooked investment theme, arguing the strongest firms are evolving beyond passive crypto holders into active operators that generate yield, build infrastructure and provide institutional access to digital assets.
It initiated coverage of digital asset treasury companies Forward Industries (FWDI) and Cypherpunk Technologies (CYPH) with overweight ratings and price targets of $7.90 and $0.90, respectively.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on coindesk.com
