Bitwise believes: Even though the past two months have been sluggish, Bitcoin will hit a new all-time high again by 2026. The four-year cycle should no longer be considered a consensus. Bitcoin is transitioning from a 'cyclical speculative asset' to an 'institutional-grade long-term asset.' The pricing power of Bitcoin is shifting from 'retail investors + leveraged traders' to 'institutional balance sheets.' So, 2026 won’t be a traditional bear market year.