Bitcoin is trading around $65,000, roughly half its all-time high. 21Shares thinks that’s a buying opportunity, not a funeral.
The Swiss crypto asset manager has laid out a base case scenario targeting $100,000 to $110,000 for Bitcoin by the end of 2026, arguing that the current correction looks more like a pit stop than a dead end. The firm points to several on-chain signals and macro factors that, in its view, suggest the market is consolidating rather than collapsing.
The case for recovery
21Shares strategist Matt Mena has outlined a relatively straightforward thesis: if Bitcoin can punch through the $70,000 resistance level, the path to $100,000 opens up, potentially before the end of Q3 2026.
First, long-term holder balances are near all-time highs, with an increase of roughly $15 billion year-to-date. When long-term holders accumulate during drawdowns, it historically signals that the so-called “smart money” views current prices as undervalued relative to where the asset is headed.
