Analyst: BTC to bottom in 2026, target $150K in next bull market

Bitcoin is expected to bottom out in 2026 before rising to $150,000 in the next bull market, according to on-chain analyst Murphy. The analyst identified the $80,000 to $90,000 range as the strongest support zone, noting that 6.17 million BTC are currently held at a loss above $90,000, while 7.46 million BTC are in a profitable position below $80,000. Murphy stated that after a major liquidation event on Oct. 11, most top-sellers have already exited the market, and the remaining holders have entered a holding phase. The primary risk now is large-scale selling from profitable long-term holders (LTHs), who have been offloading their positions due to the four-year cycle theory and macroeconomic uncertainty. However, panic selling above the $110,000 level has largely subsided. The analyst added that despite the sell-off from LTHs, Bitcoin's price has not experienced a 50% crash typical of past cycles, which indicates strong underlying demand. If new buying pressure can absorb the 1.87 million BTC in the $80,000-$90,000 range without it becoming sell-side pressure, the outlook for next year is positive. Murphy concluded that the current market is a strong shakeout period and that an inflection point will arrive in 2026, paving the way for a rally to $150,000.