“2026 Will Be The Bull Run 2025 Was Supposed To Be” Analyst Shares Insight ⋆ ZyCrypto

Leading market analyst Lark Davis has argued that the long-anticipated crypto bull run may not have failed, but rather been delayed.

According to the analysis, 2026 is a plausible inflection point following a challenging 2025. Bull markets rarely begin during periods of optimism. Instead, they tend to form when sentiment is exhausted, pessimistic, and deeply skeptical, as has been much of the past year.

Davis explains that the weakness stems mainly from the state of US manufacturing. Manufacturing still accounts for roughly 10%-11% of U.S. GDP and employs approximately 13 million workers.

In November, the ISM manufacturing PMI fell to 48.2, marking the ninth consecutive month of contraction. New orders declined to the mid-47 range, employment fell to near 44, and roughly 67% of manufacturers reported managing headcount rather than hiring.

Even the ISM noted that more than half of manufacturing-related GDP remained in contraction, reinforcing the view that the economy spent much of 2025 stuck in neutral despite the visible AI boom.

Looking ahead, the analyst believes AI-driven capital expenditure sets the stage for a different outcome in 2026.

US data center spending exceeded $400 billion in 2025 and is projected to reach roughly $600 billion in 2026 and more than $700 billion by 2027.

This investment wave extends beyond software into physical infrastructure, including servers, advanced chips, power systems, and large-scale construction. Globally, analysts expect more than 2,000 new data centers by 2030, as infrastructure spending approaches $7 trillion over five years.

That said, liquidity is expected to improve as the Federal Reserve ends quantitative tightening and resumes balance sheet operations of roughly $40 billion per month. Moreover, forecasts indicate approximately 14% S&P 500 earnings growth in 2026.

Taken together, the analyst argues these forces create a structurally stronger setup than in 2025. With that, a sustained recovery in manufacturing and easier monetary conditions could make 2026 bullish.