Bitcoin (BTC) could surge to $90,000 by the end of 2026, according to 10x Research founder Markus Thielen. He cited rising government debt, persistent inflation, and a global bond market selloff as key factors driving investors toward Bitcoin as an alternative store of value.
Thielen argued that government debt growing nearly 8% annually makes bonds yielding 4%-5% less attractive, potentially boosting demand for Bitcoin and gold. With U.S. debt nearing $40 trillion and $8 trillion in money market funds, he sees substantial liquidity available for investment. He also dismissed concerns that major OpenAI and Anthropic IPOs would drain crypto liquidity, suggesting they could instead attract more capital into growth assets.
Thielen compared Bitcoin’s current structure to early 2023, pointing to improving weekly RSI readings and higher lows as signs of a new bull market. While Bitcoin could briefly retreat into the $70,000s, he expects a recovery toward $90,000 by year-end, potentially supported by a more cautious Federal Reserve. He noted that growing institutional participation has reduced Bitcoin’s volatility to around 30%, compared with historical levels of 60%-80%.
Thielen expects Bitcoin to outperform Ethereum (ETH), arguing that growing Layer-2 activity has weakened Ethereum’s fee generation and value capture for ETH holders. He contrasted this with Hyperliquid (PURR), which attracts investors through revenue generation and token buybacks. Although he acknowledged Ethereum’s importance, Thielen remains cautious until stronger network activity translates into sustainable value for the asset holders.