Coinbase Sees Neutral Q2 Crypto Setup—Here's What Latest Survey Signals For Bitcoin

Coinbase Institutional’s Q2 2026 outlook is neutral, citing elevated geopolitical and macro uncertainty that limits directional bets across crypto. The report’s survey of 91 global investors (29 institutions, 62 non-institutions; March 16–April 7, 2026) finds widespread pessimism about market stage—~82% of institutions classify the market as in a bear or late-bear phase—yet many still see Bitcoin as a value opportunity (75% of institutions, 61% of non-institutions view BTC as undervalued). Technical indicators have turned more positive across crypto and equities, but Coinbase stresses improvement is conditional (notably on a potential Iran deal). The takeaway for markets: cautious positioning with the potential for a Q2 bottom and recovery if macro/geopolitical risks ease, supporting a neutral-to-constructive stance on BTC but not a clear bullish conviction.