Bitcoin is trading below $60,000 as of late June 2026, roughly 53% off its October 2025 all-time high above $126,200. A short-lived rally from March to May gave bulls a brief reason for optimism, but prices have since retreated. 

According to a new report from Fidelity, the current downturn has the hallmarks of a crypto winter — and history points to five factors that could bring it to an end.

Fidelity notes that bitcoin has formed bull market tops and bottoms at roughly four-year intervals since 2011. With the last bear market bottom arriving in November 2022, the pattern suggests a potential floor around November 2026 — if the cycle holds. The debate over whether…

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