Is ‘crypto winter’ over? Bitcoin price hits $85,000, highest level since January

Bitcoin climbed above $85,000 on Monday, reaching its highest level since January as investors assessed whether the cryptocurrency market’s prolonged downturn is ending.

Bitcoin reached as high as $85,229 before trading at $84,256 at around 6:35 AM ET, up about 3.8 percent, according to CoinMetrics data cited by CNBC.

The cryptocurrency has gained more than seven percent over the past five days and nearly 35 percent in three months, although it remains below its record of more than $126,000 reached in October 2025.

Matt Hougan, chief investment officer at Bitwise, told CNBC’s Squawk Box Europe he believes the downturn is over.

“I do think it’s over, it’s crypto spring, the crocuses are blooming. I think this will actually be the strongest and longest-running bull market in crypto’s history,” Hougan said.

Hougan said cryptocurrency fundamentals improved even as prices declined, pointing to increased blockchain transactions and participation from major companies including BlackRock.

Analysts at BTIG said Bitcoin could target $90,000 as long as it is above $75,000.

THis comes despite the US Senate blocking the Clarity Act last week, which would have established a new regulatory framework for cryptocurrency.