New ATH To Come In For Bitcoin Next Year, Grayscale Says

Grayscale predicts that Bitcoin will reach a new all-time high in early 2026, driven by institutional demand and clearer US regulation.

Bitcoin could reach a new all-time high within six months, according to Grayscale. 

The asset manager shared this view in its latest outlook report, and its analysts expect strong demand and clearer US rules to lift prices during the first half of the year.

Grayscale believes the crypto market has entered a new phase, where large investors now play a bigger role and regulatory pressure has eased. 

As a result, these changes could help Bitcoin move past earlier price records.

Bitcoin price outlook for H1

Grayscale expects Bitcoin to reach a new high by early next year. The firm’s analysts said that rising interest from institutions will drive this move, and clearer rules in the United States also support their view.

Bitcoin traded near $87,000 at the time of the report, and Grayscale sees room for further gains as demand grows. Meanwhile, analysts continue to point to global debt and inflation worries as major drivers.

2026 may be the year digital assets enter their institutional era.

Grayscale believes macro tailwinds and regulatory clarity will drive demand for scarce assets like $BTC & $ETH. 🧵👇https://t.co/ReaqqGksni

— Grayscale (@Grayscale) December 15, 2025

Fiat currencies continue to face pressure from rising public debt, and those worries push some investors toward scarce digital assets.

Grayscale says this demand could keep growing and portfolios may include Bitcoin as a long term holding, rather than a short trade.

Why Grayscale thinks the four-year cycle may end

Many traders believe Bitcoin follows a four-year pattern tied to halvings. However, Grayscale questions that idea and says that the market has matured.

Large funds are now buying Bitcoin through regulated products, and the spot Bitcoin ETPs now allow inflows from pensions and wealth managers.

Such buying looks different from past retail-driven rallies, where cycles saw heavy spikes and deep drops. These days, Bitcoin’s recent moves appear slower and more measured.

Grayscale noted that Bitcoin gained about 240% at its peak this cycle, which is notable because past runs reached far higher levels. Analysts are seeing this as a sign of steadier demand.

This could reduce the chance of sharp crashes and grayscale sees lower odds of a deep drawdown, come next year.

Regulation begins to support crypto growth

US policy has also changed over the past two years. Regulators have dropped several cases against crypto firms and lawmakers have also passed new laws.

The GENIUS Act on stablecoins became law earlier this year, with spot Bitcoin and Ether ETPs reaching the market only last year. These steps have opened doors for new products and Grayscale expects more progress next year. 

Grayscale is pointing out something many are missing

This market doesn’t look like past tops

There’s no wild blow-off move

– no retail euphoria
– no parabolic excess

Instead, we’re seeing new structure
ETPs are changing how capital enters Bitcoin flows are steadier, deeper,… pic.twitter.com/mzdfC4XaJI

— Draxen (@Draxen_Web3) December 14, 2025

So far, analysts think Congress will pass bipartisan crypto market structure rules in 2026, and such laws would give firms a clearer path to operate.

Related Reading: Grayscale Spot ETF Launch Pushes Chainlink Toward Recovery

Institutional money still has room to grow

Crypto investment products have seen strong inflows. Global crypto ETPs pulled in about $87 billion since early last year, with spot Bitcoin products leading much of that growth.

Despite this surge, crypto still holds a small share of managed wealth. So far, Grayscale estimates that less than 0.5% of US-advised assets sit in crypto.

That gap leaves room for gradual inflows as large firms often take years to adjust portfolios, and Grayscale expects more firms to follow as comfort grows.