The crypto market is playing out a "duet," with cheers and excitement on the stage front and cautious thinking behind the scenes, forming two completely opposite worlds.

A well-known Wall Street analyst boldly predicted at an industry conference this year: "Bitcoin will hit a new high in January next year!" This statement quickly made headlines across major financial media and became a reference point for countless retail investors to follow.

However, the same institution released an internal research report for paying clients that painted a completely different picture. The report indicated that cryptocurrencies would undergo a deep correction in the first half of 2026, with Bitcoin possibly retreating to the $60,000-$65,000 range, and Ethereum potentially falling to $1,800-$2,000.

This significant discrepancy in outlooks has led people to ponder a sharp question: which version of the market should we believe?

**Public Speech vs. Private Research, the Two Faces of Analysts**

In the public eye, this analyst is an unwavering supporter of cryptocurrencies. Throughout 2025, he rarely stopped praising Ethereum.

In July and August, when Ethereum's price approached its historical peak, he directly announced a target of "Ethereum breaking through $12,000-$15,000 by the end of 2025," and regarded it as "the most promising macro investment opportunity in the next 10-15 years."

By November, he introduced the concept of a "super cycle," claiming that Ethereum was replicating Bitcoin's 100-fold growth path from 2017 to 2021. At the industry conference in early December, facing Ethereum's price around $3,000 at the time, he openly stated that it was "seriously undervalued by the market."

**What Internal Clients See Is a Different Story**

In stark contrast, the internal report sent to institutional investors showed a very different attitude. The report adopted a more conservative stance, with a clear downward outlook for the market trend in the first half of 2026.

This contradiction between public boldness and internal caution has sparked widespread skepticism among market participants. Which perspective is closer to reality? Are public statements meant to attract attention, or do they reflect genuine beliefs? These questions are troubling investors.

**Reflections Behind Market Phenomena**

This is not an isolated case. Similar information divergence often occurs in the crypto market. Analysis institutions and market participants tend to adopt different strategies when communicating with the public versus institutional clients. This reflects the market's complexity: on one hand, maintaining market enthusiasm and participation; on the other, providing relatively cautious and professional advice for paying clients.

For ordinary investors, this phenomenon highlights an important market wisdom: do not overly rely on a single voice, especially those that are overly absolute and optimistic in public statements. Gathering information from multiple sources and making independent judgments are always key to maintaining rationality in the crypto market.