Grayscale’s latest report argues that despite the sharp correction, Bitcoin’s bullish structure remains intact and a new all-time high in 2026 is still possible.
Grayscale stated in a Monday report that Bitcoin’s more than 30 percent pullback does not signal the start of a prolonged bear market. The firm noted that the asset’s long observed four-year pattern tied to the halving schedule may deviate this time. According to analysts, deep corrections are typical in bull markets and do not necessarily indicate a reversal of long term momentum.
The firm highlighted a key difference in the current cycle. Unlike previous periods, the market has not entered a parabolic phase and capital inflow has been concentrated mainly in ETFs and corporate treasuries rather than retail-driven speculation. Expectations of rate cuts in the United States and a more constructive regulatory stance from both political parties are also seen as supportive factors.
BitMine CEO Tom Lee echoed Grayscale’s view, saying that market fundamentals are improving while prices lag behind. He pointed to wallet growth, on chain metrics, transaction fees and tokenization efforts as signs of strengthening activity. Speaking to CNBC, Lee said he expects Bitcoin to set a new record price in January.
