Many cryptocurrency investors have been eagerly waiting for a significant bull run that truly feels explosive after years of ups and downs. According to macro researcher Jesse Eckel, this moment may not occur until 2026, rather than in 2025.
Eckel does not focus on short-term price charts but instead looks at major economic indicators such as liquidity, interest rates, and business activity. He believes that the crypto market is emerging from a challenging phase and may be on the brink of something much larger.
The Four-Year Cycle May No Longer Apply
Eckel argues that Bitcoin’s traditional four-year cycle, which has guided traders for years, may no longer be relevant. He suggests that past bull markets were not solely driven by halving events but by economic conditions such as free-flowing money and expanding economies.
The Economy Has Been Holding Crypto Back
Weak economic momentum has been a significant factor in crypto’s recent struggles. Limited business activity has dampened demand for risk assets like cryptocurrencies, making sustained rallies challenging.
Liquidity Is the Real Driver
Historically, major crypto bull runs have followed periods of heavy liquidity injections by central banks. When money is readily available, risk assets tend to flourish. Eckel believes that the tightening phase caused by central banks has largely ended.
Why 2026 Looks More Promising
With rate hikes halted and easing already underway, financial conditions are shifting. Eckel predicts that 2026 could see a stronger crypto market, particularly for altcoins. If liquidity increases and economic activity improves, a broad-based rally may finally materialize.
Despite a challenging period, the outlook for the cryptocurrency market remains positive, with potential rewards for patient investors.
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