Key takeaways
- After a volatile 2025, analysts expect more normalization and selective risk-taking.
- Price targets for BTC span wide ranges and remain highly sensitive to rates and macro liquidity.
- Institutional flows and regulatory frameworks (MiCA in the EU) are expected to shape sentiment.
- Some commentators still warn about a potential bear-market scenario if historical cycles repeat.
Wojciech Kaszycki’s view
Wojciech Kaszycki (Mobilum, strategic adviser to BTCS) notes that 2026 may bring a “stepwise” price trajectory for Bitcoin, with consolidation periods interrupted by institutional inflows. Expected return drivers could be more operational than narrative-driven: disciplined entries and exits, positive carry, arbitrage, and productive use of BTC as collateral and a source of on-chain yield.