Emre Yumlu 
As 2026 begins, Bitcoin is once again at the center of bullish expectations. Shifts in the regulatory environment in the United States and the growing involvement of Wall Street in blockchain-based infrastructure are reinforcing the long-term investment narrative around the leading cryptocurrency. According to several market observers, these structural developments could provide the conditions needed for Bitcoin to challenge — and potentially surpass — its previous price peaks.
Bill Miller IV: Market Structure Is Strengthening
Bill Miller IV, Chief Investment Officer at Miller Value Partners, believes Bitcoin is showing clear signs of renewed momentum. From a technical perspective, he argues that the asset has formed a stronger price base compared to earlier cycles. This foundation, in his view, increases the probability of a sustained breakout rather than a short-lived spike.
Miller also points to comments from U.S. Securities and Exchange Commission Chair Paul Atkins, who recently emphasized that capital markets are increasingly moving onchain. Combined with the fact that major financial institutions such as JPMorgan continue to develop blockchain-based products, Miller suggests that Bitcoin is operating in a fundamentally different environment than in previous cycles. According to him, these changes significantly improve the asset’s long-term outlook.
Volatility Is Not a Red Flag in the Bigger Picture
While Bitcoin declined by roughly 6% last year and underperformed gold during the same period, Miller does not see this as a cause for concern. He emphasizes that volatility is an inherent characteristic of crypto assets and that short-term price fluctuations often distract investors from broader trends.
Looking at long-term performance, Bitcoin has historically avoided recording two consecutive negative years. From this perspective, recent weakness may represent consolidation rather than structural deterioration. At present, Bitcoin is trading near $93,750 — around 25% below its all-time high of $126,080 — yet it has already posted gains of over 7% since the start of 2026.
Institutional Momentum and Policy Support
Fundstrat Capital CIO Tom Lee shares a similarly constructive outlook. He argues that the sharp market correction in October effectively reset excessive leverage, creating a healthier foundation for recovery. According to Lee, institutional adoption continues to expand, with financial firms actively building blockchain-based investment products.
In addition, growing political support in the United States is viewed as a meaningful tailwind. Together, these factors could help Bitcoin regain upside momentum over the course of the year.
Wide-Ranging Price Expectations for 2026
Despite the positive backdrop, forecasts for Bitcoin’s price remain highly dispersed. Some analysts believe the asset could climb above $150,000 by the end of 2026, while others caution that market conditions may remain volatile and unpredictable. As a result, estimates for year-end prices range broadly between $50,000 and $250,000.
What unites these perspectives is the belief that Bitcoin’s long-term investment thesis remains intact. While the path forward may be uneven, the underlying trend continues to attract both institutional capital and strategic interest.
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