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Foresight News reported that Delphi Digital released its "2026 Market Outlook" report, stating that the global macro environment is shifting from divergence to convergence, with major central banks turning to rate cuts and fiscal deficits driving increased liquidity demand. As the Federal Reserve's quantitative tightening nears its end, the Treasury General Account may decline, and the People's Bank of China increases support, global liquidity is expected to improve in 2026. The report also notes that the market may not receive as much liquidity as in 2020, but conditions for a clearer and more predictable easing pace are now in place. Major central bank policies will begin to align, and deficit spending will drive greater debt monetization. The report states that global M2 and gold prices have reached new highs, and central banks continue to purchase gold, indicating a continued trend of currency depreciation. Historically, gold and liquidity indicators have typically led bitcoin, suggesting that assets like bitcoin should benefit.

According to Deep Tide TechFlow, on December 20, as reported by Cointelegraph, bitcoin has failed to hold the $92,000 level over the past month and is currently hovering around $90,000. Some traders believe this is due to market manipulation, while others attribute the price decline to growing concerns about the artificial intelligence industry. Another major factor limiting bitcoin's price increase is the Federal Reserve's reduction of its balance sheet for most of 2025, which is draining liquidity from financial markets. Although there are clear signs that the Fed is shifting toward a more accommodative monetary policy, traders are not certain whether the Fed can lower interest rates below 3.5% by 2026. As investor risk aversion intensifies, bitcoin is finding it difficult to serve as a hedge in the short term.

According to Deep Tide TechFlow, on December 20, crypto KOL AB Kuai.Dong (@_FORAB) disclosed on social media that the public statements of Fundstrat Capital Chief Investment Officer Tom Lee (who also currently serves as Chairman of Ethereum treasury company BitMine) contradict his company's internal reports. Tom Lee publicly bet that Bitcoin and Ethereum would reach new highs in January, but Fundstrat's 2026 crypto strategy report for internal clients predicts a deep correction in the first half of 2026. The correction target prices in the internal report are: Bitcoin at $60,000–65,000, Ethereum at $1,800–2,000, and Solana at $50–75. The report considers these price levels to be good entry opportunities, providing a favorable chance for positioning in the second half of the year.