Grayscale: Bitcoin is expected to reach a new high in the first half of 2026.

According to a 2026 outlook report released Monday by Grayscale, Bitcoin prices are projected to reach new highs in the first half of 2026, driven by increased global demand for alternative stores of value and improved regulatory clarity in the United States. Grayscale believes this will mark the end of the so-called "four-year cycle" theory. The company notes that fiat currencies face increasing devaluation risks due to rising public sector debt and its potential impact on inflation, which could continue to drive portfolio demand for Bitcoin and Ether. Grayscale anticipates that by 2026, the US Congress will pass bipartisan legislation on crypto market structures, which will solidify the position of blockchain-based finance in US capital markets and facilitate continued institutional investment inflows. The report also lists stablecoin market growth, asset tokenization reaching an inflection point, and significant DeFi growth led by the lending market as key investment themes for 2026.