Why Bitcoin looks ready to move higher with new ATH expectations in 2025–26 is becoming a common question again, especially as traditional markets flip back into a clear bullish mood. Bitcoin never reclaimed the $126,000 level after the October shock, but that failure no longer seems to worry long-term investors. Instead, major funds and well-known market voices argue that last year’s damage has already been absorbed and that a new phase may be taking shape.
After the sharp liquidation event in October, Bitcoin spent months moving sideways. Many investors perceive it as stagnant or uninteresting, but for long-term investments, it appears to be strong “Base Building”. With investors regaining confidence in the stock markets as their risk appetite increases, they are pouring so much capital into them that it does not remain on the sidelines. Thus, with the estimated current price of Bitcoin projected at around $93,700 (approximately 25% below its peak and approximately 7% higher than at the beginning of 2026), many investors believe this is not weakness but rather patience.
What Bill Miller IV sees
Bill Miller IV believes the technical picture is quietly improving. In his view, Bitcoin’s chart suggests the market is preparing for another strong push above last autumn’s high. He does not see last year’s pullback as a warning sign. Instead, he calls it normal noise for an asset that has always moved in wide swings.
Miller also points to a clear change in tone from regulators and financial institutions. SEC chair Paul Atkins has openly said that capital markets are shifting on-chain. JPMorgan and other major banks are no longer testing ideas in labs; they are building real blockchain systems that will be used at scale. For Miller, this matters more than short-term price action.
He also reminds investors of a simple historical fact: Bitcoin has never posted two consecutive losing years. From that perspective, a 6% drawdown last year and underperformance versus gold do not change the long-term story. They simply reset expectations.
Tom Lee: “The market was cleaned out.”
Tom Lee believes that the event of October 10 had a significant impact on the market by forcing many leveraged positions to be liquidated. According to Tom Lee, this event allowed the market to “cleanse itself” of the excess leverage built up by the large number of poorly managed leveraged trades. After this event took place, instead of seeing further market declines, we have seen continued stability.
In addition, he believes that institutions are continuing to deepen their relationships with crypto, with ETFs now being a “normal” product rather than an “experiment” for the industry. Additionally, Wall Street firms are now entering the crypto space with their own blockchain products, and the current White House administration is viewed more positively towards crypto than in the past. His core idea is straightforward: when debt levels grow and fiat systems face stress, Bitcoin again becomes appealing as a long-term hedge.
Price outlook ranges for 2026
There is no consensus on the numbers. Haseeb Qureshi of Dragonfly believes Bitcoin will trade over $150,000 before the end of 2026, but believes money will rotate from Bitcoin to building infrastructure, layering technologies, and exploring new uses. Galaxy Digital, on the other hand, believes that 2026 is so volatile that it is difficult to commit to an exact number. Their view of Bitcoin for 2026 ranges from $50,000 to $250,000, which shows the market could head in different directions.
The commonality shows that Bitcoin is not dead yet. There are very few players in this space who do not have high hopes for Bitcoin’s future. The majority believe it will not be a straight line upwards; therefore, expect significant volatility along the way.
What this means for market participants
Fundamentals and technical signals are lining up more clearly than they have in a long time. A friendlier U.S. regulatory stance, Wall Street’s move on-chain, and ongoing fears about currency dilution all support the long-term case. Still, wide forecast ranges mean strategy matters more than excitement. If Bitcoin really is ready to move higher, the real difference will be made by those who enter with a plan, not emotions.
So, where do you stand closer to $50k or $250k by the end of 2026?
