The cryptocurrency market saw a bullish trajectory earlier this year, but things fell apart in the latter half of 2025. Bitcoin (BTC) climbed to an all-time high of $126,080 in early October, but has since fallen by more than 31%. BTC has struggled to gain steam over the last few months, falling tot he $85,000 mark earlier today. Financial institution Grayscale anticipates BTC to rebound in early 2026 and hit a new all-time high. Barclays, on the other hand, anticipates the crypto market to face further challenges. Let’s discuss who is right.

Grayscale Vs. Barclays: Will Bitcoin Hit an All-Time High in 2026, Or Fall Further?

Bitcoin in an apocalyptic setting
Source: Watcher.Guru

According to a report by Grayscale, Bitcoin may be diverging from its 4-year trajectory of hitting a peak and then crashing, and instead could be following a 5-year cycle. This means that the original crypto could hit a new peak in 2026 (5 years from its 2021 peak). Not only Grayscale, but even Bernstein believes BTC is pivoting from its 4-year cycle and moving to a 5-year path. Other than its 5-year thesis, Grayscale also cites rate cuts from the Federal Reserve and bipartisan progress on crypto legislation as reasons for a bull run in 2026.

Also Read: Silver Overtakes Bitcoin and Amazon Market Cap

Barclays, on the other hand, presents a more pessimistic outlook. The financial institution believes the cryptocurrency market will face further challenges in 2026, arising from decreasing spot trading volumes and low demand. The low demand for Bitcoin (BTC) and other cryptocurrencies is quite evident from the rising price of silver and gold over the last few months. Investors are likely moving away from risky assets, such as cryptocurrencies.

Given that two financial giants are on opposite sides of the spectrum is evidence of the amount of uncertainty in the market. Bitcoin’s (BTC) price is most likely currently dependent on macroeconomic factors. If the global economy finds some strength, the crypto market could experience a bull run. If the economy continues on its current trajectory, we may be in for another crypto winter.

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