Bollinger Bands narrowed to <$3,500—LOWEST since July. BTC traded tight $85K-$90K range for two weeks. Classic 'squeeze' setup preceding major price swings.

Impact: July 2025's similar squeeze preceded BTC rally $65K→$85K (+30% in 21 days). Current compression suggests 15-25% move imminent within 7-14 days. Direction TBD but magnitude clear.

Fundstrat's Leaked Bearish 2026 Outlook: Circulating internal report warns of 'meaningful drawdown' in H1 2026, with downside targets: BTC $60K-$65K, ETH $1,800-$2,000, SOL $50-$75. This contradicts Managing Partner Tom Lee's public statements predicting BTC $250K. The divergence highlights unprecedented uncertainty among major research firms.

Broad Altcoins: High emissions, limited retail participation, weak institutional demand. Altseason unlikely in 2025 or 2026. DeFi Governance: Aave disputes raise concerns about token value accrual. ETH Value Capture: Debate whether Ethereum becomes 'boring infrastructure' where apps capture value vs. ETH holders.