Grayscale Investments projects Bitcoin will reach a new all-time high in the first half of 2026, driven by macroeconomic demand and regulatory clarity. The digital asset manager's report highlights a shift from speculative cycles to integration with global macroeconomics, suggesting a fundamental reshaping of the crypto landscape. Key factors include increasing demand for non-sovereign stores of value amid inflation and geopolitical uncertainty, alongside maturing regulatory frameworks in the U.S. The report anticipates a weakening of the traditional four-year Bitcoin cycle, as macroeconomic factors and institutional investments gain influence. Grayscale predicts a bipartisan crypto market structure bill will pass in the U.S. by 2026, providing legal clarity and facilitating tokenization of real-world assets. This evolution is expected to attract institutional capital, reduce market volatility, and integrate digital assets into the broader financial system.