VanEck’s latest report points to a potential turning point for Bitcoin. The asset’s hash rate fell 4% — the steepest single decline since April 2024 — and the firm argues that such dips can be bullish, often signaling miner capitulation that flushes out weaker players and can precede price bottoms. At the same time, VanEck highlights a major accumulation trend: digital asset treasuries (DAT) added 42,000 BTC, the largest institutional-style buy since July 2025. Compounding the positive on-chain picture, long-term holders aren’t capitulating to selling pressure. Together, VanEck says, these three developments could be consistent with Bitcoin gearing up for a price reversal. Optimism about BTC’s medium-term trajectory isn’t limited to VanEck. Grayscale and Bernstein both predict a breakout in 2026, arguing Bitcoin may be tracking a 5-year cycle rather than the more commonly cited 4-year cycle tied to halvings. Under that view, a new all-time high could arrive in 2026 — five years after the 2021 peak. Bernstein’s price targets are among the more bullish, forecasting roughly $150,000 for 2026 and $200,000 in 2027. Not everyone shares that outlook. Barclays takes a much more cautious stance on 2026, warning the crypto sector may face further headwinds next year. The bank points to persistently low spot trading volumes and weak demand as drivers of its bearish view. The market backdrop helps explain the mixed sentiment. Bitcoin has struggled to build sustained momentum despite two interest-rate cuts since October. BTC is running into meaningful resistance around the $90,000 level, and broader macroeconomic uncertainty has pushed many investors into a risk-off posture. That trend is reinforced by strength in traditional safe havens like gold and silver, which may be siphoning some capital away from crypto until economic conditions clarify. Short-term price moves are modest: CoinGecko data show Bitcoin up 1.7% on the week and 1.9% over the past month, but down 1.8% on the day, 3% over 14 days, and roughly 8.4% since December 2024. Bottom line: on-chain signs (hash rate dip, DAT accumulation, steadfast long-term holders) and bullish institutional forecasts point to the possibility of a turnaround, but macro headwinds and weak trading volumes leave room for a prolonged consolidation. Traders and investors will be watching hash rate trends, institutional flows, and the $90,000 resistance level for clues about whether the next leg is up or more choppy range-bound action. Read more AI-generated news on: undefined/news

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