Grayscale Questions Bitcoin's Long-Term Bottom

Grayscale has raised questions about whether Bitcoin will suffer another major decline in 2026 after this week's rebound.

The asset manager pointed to historical cycles and noted that Bitcoin's smaller drawdown from its record high is a positive sign.

BTC has fallen about 50% from its cycle peak, compared with declines of roughly 80% during previous market bottoms.

A sustained rebound could signal that investors are returning to accumulation, but macro conditions, liquidity and investor sentiment will still determine whether the recovery holds.