After reaching an all-time high before undergoing a sharp correction last year, bitcoin is once again seen as having the potential to set new price records in 2026. However, industry executives and investors caution that any upward movement is likely to be accompanied by significant volatility.

In CNBC’s annual bitcoin outlook, analysts project an exceptionally wide price range for 2026, spanning from US$75,000 to as high as US$225,000. This broad spectrum highlights the prevailing uncertainty surrounding the crypto market amid shifting global economic conditions.

According to CoinMetrics data, bitcoin climbed above US$126,000 in October before tumbling to around US$80,000 toward year-end. At present, its price remains roughly 30% below its historical peak.

Last year’s crypto market performance was partly supported by expectations of more favorable regulation in the United States under President Donald Trump, along with rising interest from institutional investors and traditional financial institutions such as banks. The emergence of digital asset treasury (DAT) firms accumulating bitcoin and other cryptocurrencies also contributed to market momentum.

Conversely, mounting concerns over lofty technology stock valuations and fears that the artificial intelligence boom could evolve into a bubble weighed on sentiment. A late-year crypto sell-off followed a reassessment of risk assets, triggering forced liquidations that intensified price declines and set a challenging backdrop for 2026.

“We are operating in a highly complex investment environment, marked by elevated equity valuations, geopolitical instability, and shifting monetary policy directions,” said Alex Thorn, Head of Research at Galaxy, as quoted by CNBC.com on Thursday (8/1/2026).

Thorn noted that these conditions make bitcoin’s outlook for 2026 difficult to forecast. Meanwhile, Carol Alexander, a finance professor at the University of Sussex, expects bitcoin to trade with high volatility between US$75,000 and US$150,000, with a fair-value level around US$110,000 as the market transitions from retail dominance to institutional liquidity.

Alexander believes the growing involvement of institutional investors over the past two years will persist and reshape bitcoin’s price dynamics. Although she previously suggested bitcoin could reach US$200,000 by 2026, prices remaining above US$100,000 in 2025 are still consistent with her long-term projections.

Elsewhere, CoinShares Head of Research James Butterfill estimates bitcoin could trade between US$120,000 and US$170,000 in 2026, with more constructive price action likely emerging in the second half of the year.

Butterfill added that markets will closely watch the appointment of a new Federal Reserve chair following the end of Jerome Powell’s term in May. Regulatory clarity surrounding the U.S. Clarity Act governing digital assets could also serve as a key catalyst for the crypto market.

Standard Chartered forecasts bitcoin at around US$150,000 in 2026, after cutting its previous target of US$300,000. The bank considers the 2025 price correction to be within reasonable limits, though significant enough to warrant a revision.

Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, noted that bitcoin purchases by DAT firms may no longer be the primary driver of prices. Instead, future gains are more likely to be fueled by capital inflows into bitcoin-based exchange-traded funds (ETFs).

Maple Finance CEO Sidney Powell projects bitcoin could reach US$175,000 in 2026, supported by the potential for lower interest rates and deeper institutional adoption.

Powell also highlighted a key milestone for 2026: bitcoin-backed lending surpassing US$100 billion. He believes investors’ preference to borrow against bitcoin rather than sell it outright could ease selling pressure and support higher prices.

Meanwhile, Bit Mining Chief Economist Youwei Yang forecasts an exceptionally wide price range of US$75,000 to US$225,000 for bitcoin in 2026. He expects a potentially strong year for the asset, albeit one characterized by heightened volatility driven by macroeconomic and geopolitical uncertainties.

Finally, Nexo analyst Iliya Kalchev anticipates bitcoin trading between US$150,000 and US$200,000 in 2026. He observes that selling pressure from long-term holders is beginning to subside, while institutional allocations are likely to rise gradually.

Kalchev concluded that bitcoin enters 2026 with reduced supply risk and a broader capital base. Should global financial conditions ease, bitcoin may once again challenge—and potentially surpass—its previous all-time highs.