#2026年比特币行情展望 From on-chain data and market cycles, the probability of BTC continuing a moderate rise in 2026 is still quite high. It is currently still in the mid-stage of a bull market, and historically, it often takes 18-24 months for the cycle from bottom to top. Considering the increasing institutional holdings, steady inflows into spot ETFs, and the gradually clarifying global liquidity environment, Bitcoin has no reason to decline rapidly. Although there may be short-term pullback pressures, the overall trend points to a gradual upward movement. The key factors to watch are the Federal Reserve's policy pace and macroeconomic environment. If no black swan events occur by mid-2026, $BTC is expected to reach a higher range.