Bitwise said Bitcoin could reach new highs from 2026 and potentially climb toward $1 million over the next decade as the buyer base shifts toward institutions.
The firm said spot Bitcoin ETFs and major brokerages are making access easier for pension funds, endowments and asset managers, potentially funnelling tens of billions of dollars into the market in 2026.
Bitwise director of research Ryan Rasmussen said growing institutional inflows could soften supply shocks that once drove sharp post-halving price swings.
The firm argued that Bitcoin’s four-year halving cycle is becoming less dominant as broader market access, interest rate changes and leverage dynamics increasingly shape price action.
Bitcoin volatility has declined steadily over the past decade and was lower than some major US technology stocks in 2025, making the asset more suitable for institutions with strict risk limits.
Bitwise also noted that Bitcoin’s correlation with US equities appears to be weakening, potentially strengthening its role as a distinct portfolio allocation.
Despite recent declines that left Bitcoin about 35% below its October 2025 peak, Bitwise said sustained institutional demand could make 2026 a turning point for long-term adoption and price growth.
At the time of reporting, Bitcoin price was $66,084.18.