Bitcoin (BTC) could have significant upside, according to Bitwise Europe head of research André Dragosch, who noted that the current market setup resembles the extreme risk-reward conditions seen during March 2020, at the onset of the COVID-19 pandemic.

Dragosch highlighted that Bitcoin is “pricing in a recessionary environment” and has already factored in much of the negative macroeconomic news, including aggressive US Federal Reserve tightening and the FTX collapse. He suggested that global growth may pick up in 2026, potentially supporting Bitcoin similarly to post-COVID recoveries.

Market sentiment has been volatile: after hitting all-time highs of $125,100 on Oct. 5, Bitcoin fell below $100,000 on Nov. 13, briefly dipping under $90,000 on Nov. 20 before recovering.

Other crypto analysts, including Alessio Rastani and Tom Lee, remain optimistic, anticipating a rebound and potential new all-time highs by year-end.