#比特币价格走势 Bitcoin has indeed underperformed this year, being left behind by the Nasdaq with a 50% drop, but this actually makes me quite optimistic. Institutions are all indicating a rebound next year, VanEck has outright stated that 2026 could be one of the best assets, and Galaxy is even more exaggerated, saying it could reach $250,000 by the end of 2027.

The key is how wide the current price range is—by the end of the year, it could drop to $50,000 or rise to $250,000. What does this indicate? The market hasn't decided on a short-term direction yet. But in the long term, fundamentals like currency devaluation, liquidity returning, and institutional entry are all in place.

Interestingly, the pricing in the options market reveals the truth—implied volatility for put options is actually higher than for call options, indicating that everyone is quite defensive. 2026 might be relatively boring, but that precisely reflects Bitcoin's path toward maturity. Gold can serve as a hedge, and Bitcoin will do so sooner or later.

Once liquidity returns, this thing could soar again. Right now is actually a good time to lay low.