Arete Capital Partner: Bitcoin has struggled to reach new highs this year, but it is expected to break $150,000 in the second half of next year.

On November 14, Arete Capital partner McKenna noted in the market outlook that Bitcoin still has significant pullback space in the short term, with a maximum drop of up to 31%; however, in the long term, institutional accumulation and capital inflow will drive prices to new highs in the coming years. McKenna stated that Bitcoin has fallen below the weekly 50-period moving average, which may trigger further downward pressure, with potential support areas including $96,200 (high transaction density area), $93,300 (opening price at the beginning of the year and midpoint of the range), and the range of $86,000–$91,000 (if fully adjusted, this corresponds to about a 31% pullback). He pointed out that the price had found support near $92,000 twice, which is usually seen as a better entry point for phased buying. Although a correction is expected in the short term, McKenna emphasized viewing the pullback as an opportunity to increase Spot holdings. He believes that Bitcoin may not reach a new all-time high within 2025, but prices are expected to rise above $150,000 in the second half of 2026 and break through $200,000 before the end of President Trump's term. He anticipates that institutional demand, increased ETF Holdings, and a new round of capital inflow in 2026 will become important driving forces for long-term growth.