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What is the story about?
After a year marked by sharp swings, bitcoin could see fresh highs and renewed volatility in 2026, industry executives and investors told CNBC.
In its annual roundup of bitcoin forecasts, CNBC reported that price targets for 2026 span a wide range, from as low as $75,000 to as high as $225,000, reflecting uncertainty around macro conditions, regulation and investor behaviour.
According to CoinMetrics, bitcoin hit an all-time high of over $126,000 in October before sliding later in the year to around $80,000. The cryptocurrency is currently trading about 30% below its peak.
Last year’s rally was fuelled by a favourable regulatory environment in the US under President Donald Trump, along with rising participation from institutional investors and traditional financial firms, including banks.
The market also witnessed rapid growth in digital asset treasury (DAT) companies, which accumulate large holdings of bitcoin and other cryptocurrencies. nevertheless, the discussion over technology stocks valuations and if the AI boom will turn into a bubble continues.
The year-end sell-off came as investors reassessed risk assets amid concerns over stretched equity valuations, debate around whether the AI boom could turn into a bubble, and broader macro uncertainty. Forced liquidations by crypto holders accelerated the downturn, creating what
CNBC described as a difficult backdrop for 2026.
Alex Thorn, head of research at Galaxy, told CNBC, “We are in a complex investing environment. Equity valuations are stretched, the geopolitical environment is chaotic and evolving, there are fears about the near-term durability of AI capex deployment, monetary policy conditions appear to be shifting, and the U.S. midterm elections are on the horizon.”
“Against this backdrop, the outlook for bitcoin in 2026 is tough to predict,” he added.
Wide range of forecasts for bitcoin performance in 2026
Carol Alexander, professor of finance at the University of Sussex, told
CNBC that bitcoin is likely to trade in a “high-volatility range” of $75,000 to $150,000 in 2026, with the “centre of gravity around $110,000.” She attributed this to the market shifting from retail-led trading to institutionally distributed liquidity.
Alexander had earlier said bitcoin could hit $200,000 in 2026, which did not happen. However, she previously noted that bitcoin could trade “around $150,000 plus or minus $50,000” by the summer of 2025, and CNBC noted that bitcoin did trade above $100,000 during that period.
CoinShares expects bitcoin to trade between $120,000 and $170,000 in 2026, with “more constructive price action likely occurring in the second half of the year,” according to James Butterfill, head of research at the firm.
Butterfill said investors are closely watching who will succeed Jerome Powell as chair of the US Federal Reserve after his term ends in May, as well as whether the Clarity Act, a proposed US framework for regulating digital assets, becomes law.
“Regulation has been a persistent overhang; resolution here would be a meaningful catalyst,” Butterfill told CNBC, citing risks such as inflation shocks or policy mistakes by the Fed as factors that could drive demand for “alternative, non-sovereign monetary assets” like bitcoin.
ETFs replace treasury buying
Standard Chartered has set a $150,000 bitcoin target for 2026, cutting its earlier forecast of $300,000. The bank’s global head of digital asset research, Geoff Kendrick, said the 2025 decline was “within expected bounds,” but the bank had to revise its call following the price action.
Kendrick said buying by bitcoin digital asset treasury companies is likely finished, as valuations “no longer support further Bitcoin DAT expansion.”
“We expect a consolidation rather than outright selling, but DAT buying is unlikely to provide further support,” Kendrick wrote in a December note cited by CNBC.
Instead, Kendrick said future gains are likely to be driven by bitcoin exchange-traded funds (ETFs). “As a result, we now think future Bitcoin price increases will effectively be driven by one leg only – ETF buying,” he added.
Bullish calls persist
Sidney Powell, CEO of Maple Finance, told CNBC he expects bitcoin to reach $175,000 in 2026, supported by interest rate cuts and increasing institutional adoption. He added that a key milestone would be when bitcoin-backed lending exceeds $100 billion.
“Bitcoin holders are increasingly sophisticated, they don’t want to sell their BTC; they want to borrow against it,” Powell said. “This creates a virtuous cycle: less selling pressure, more utility, higher prices.”
At Bit Mining, chief economist Youwei Yang forecast one of the widest ranges, predicting bitcoin could trade between $75,000 and $225,000 in 2026.
“2026 could be a strong year for Bitcoin, supported by potential rate cuts and a more accommodating regulatory stance toward crypto,” Yang told CNBC, while warning that “heightened volatility is likely amid ongoing macroeconomic and geopolitical uncertainties.”
Finally, Nexo expects bitcoin to trade between $150,000 and $200,000. Analyst Iliya Kalchev told CNBC that 2026 “appears more constructive” as selling by long-term holders eases and institutional allocations rise.
“Bitcoin is entering 2026 with less supply risk and a broader capital base,” Kalchev said. “If financial conditions turn more supportive, through easing policy, a softer dollar, or renewed liquidity expansion, bitcoin could revisit and exceed prior highs.”
Also Read: Crypto’s coming of age year was a bumpy ride
In its annual roundup of bitcoin forecasts, CNBC reported that price targets for 2026 span a wide range, from as low as $75,000 to as high as $225,000, reflecting uncertainty around macro conditions, regulation and investor behaviour.
According to CoinMetrics, bitcoin hit an all-time high of over $126,000 in October before sliding later in the year to around $80,000. The cryptocurrency is currently trading about 30% below its peak.
Last year’s rally was fuelled by a favourable regulatory environment in the US under President Donald Trump, along with rising participation from institutional investors and traditional financial firms, including banks.
The market also witnessed rapid growth in digital asset treasury (DAT) companies, which accumulate large holdings of bitcoin and other cryptocurrencies. nevertheless, the discussion over technology stocks valuations and if the AI boom will turn into a bubble continues.
The year-end sell-off came as investors reassessed risk assets amid concerns over stretched equity valuations, debate around whether the AI boom could turn into a bubble, and broader macro uncertainty. Forced liquidations by crypto holders accelerated the downturn, creating what
Alex Thorn, head of research at Galaxy, told CNBC, “We are in a complex investing environment. Equity valuations are stretched, the geopolitical environment is chaotic and evolving, there are fears about the near-term durability of AI capex deployment, monetary policy conditions appear to be shifting, and the U.S. midterm elections are on the horizon.”
“Against this backdrop, the outlook for bitcoin in 2026 is tough to predict,” he added.
Wide range of forecasts for bitcoin performance in 2026
Carol Alexander, professor of finance at the University of Sussex, told
Alexander had earlier said bitcoin could hit $200,000 in 2026, which did not happen. However, she previously noted that bitcoin could trade “around $150,000 plus or minus $50,000” by the summer of 2025, and CNBC noted that bitcoin did trade above $100,000 during that period.
CoinShares expects bitcoin to trade between $120,000 and $170,000 in 2026, with “more constructive price action likely occurring in the second half of the year,” according to James Butterfill, head of research at the firm.
Butterfill said investors are closely watching who will succeed Jerome Powell as chair of the US Federal Reserve after his term ends in May, as well as whether the Clarity Act, a proposed US framework for regulating digital assets, becomes law.
“Regulation has been a persistent overhang; resolution here would be a meaningful catalyst,” Butterfill told CNBC, citing risks such as inflation shocks or policy mistakes by the Fed as factors that could drive demand for “alternative, non-sovereign monetary assets” like bitcoin.
ETFs replace treasury buying
Standard Chartered has set a $150,000 bitcoin target for 2026, cutting its earlier forecast of $300,000. The bank’s global head of digital asset research, Geoff Kendrick, said the 2025 decline was “within expected bounds,” but the bank had to revise its call following the price action.
Kendrick said buying by bitcoin digital asset treasury companies is likely finished, as valuations “no longer support further Bitcoin DAT expansion.”
“We expect a consolidation rather than outright selling, but DAT buying is unlikely to provide further support,” Kendrick wrote in a December note cited by CNBC.
Instead, Kendrick said future gains are likely to be driven by bitcoin exchange-traded funds (ETFs). “As a result, we now think future Bitcoin price increases will effectively be driven by one leg only – ETF buying,” he added.
Bullish calls persist
Sidney Powell, CEO of Maple Finance, told CNBC he expects bitcoin to reach $175,000 in 2026, supported by interest rate cuts and increasing institutional adoption. He added that a key milestone would be when bitcoin-backed lending exceeds $100 billion.
“Bitcoin holders are increasingly sophisticated, they don’t want to sell their BTC; they want to borrow against it,” Powell said. “This creates a virtuous cycle: less selling pressure, more utility, higher prices.”
At Bit Mining, chief economist Youwei Yang forecast one of the widest ranges, predicting bitcoin could trade between $75,000 and $225,000 in 2026.
“2026 could be a strong year for Bitcoin, supported by potential rate cuts and a more accommodating regulatory stance toward crypto,” Yang told CNBC, while warning that “heightened volatility is likely amid ongoing macroeconomic and geopolitical uncertainties.”
Finally, Nexo expects bitcoin to trade between $150,000 and $200,000. Analyst Iliya Kalchev told CNBC that 2026 “appears more constructive” as selling by long-term holders eases and institutional allocations rise.
“Bitcoin is entering 2026 with less supply risk and a broader capital base,” Kalchev said. “If financial conditions turn more supportive, through easing policy, a softer dollar, or renewed liquidity expansion, bitcoin could revisit and exceed prior highs.”
Also Read: Crypto’s coming of age year was a bumpy ride
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