Bitcoin hits highest level since January at $85,000, as the market debates whether the 'crypto winter' is over

2026-09-21 | original

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Why This Matters

Bitcoin's rally past $85,000 signals renewed investor confidence after a steep decline from its October 2025 peak, reigniting debate over whether the so-called 'crypto winter' has ended. This matters because shifts in bitcoin sentiment often ripple through the broader crypto market and influence institutional and retail investment decisions in digital assets.

Key Takeaways

Bitcoin hit $85,229, its highest level since late January, before settling around $84,256.
The rally follows a sharp decline from bitcoin's October 2025 all-time high of over $126,000, prompting talk of a market turnaround.
Despite recent gains—up 35% over three months—bitcoin remains down for the year and well below its record high.

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Bitcoin rose above $85,000 on Monday as the cryptocurrency continued its sharp rally over the past few days.

Bitcoin was trading at $84,256 at around 06:35 a.m. ET, up around 3.8%, according to CoinMetrics. Earlier in the day, the cryptocurrency rose as high as $85,229, its highest level since late January.

Investors are assessing whether the "crypto winter" — a depressed period of digital asset prices — which began after bitcoin hit an all-time high of over $126,000 in October 2025, is over.

"I do think it's over, it's crypto spring, the crocuses are blooming," Matt Hougan, CIO at Bitwise, told CNBC's "Squawk Box Europe" on Monday.

"I think this will actually be the strongest and longest-running bull market in crypto's history."

While bitcoin is still down this year, it has risen more than 7% in the last 5 days and nearly 35% over the last 3 months. It is still well off its record high.

Explore topics: bitcoin crypto winter cryptocurrency market matt hougan bitwise