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Bitcoin may post steady returns over the next ten years, but exceptionally large year-on-year gains are unlikely, according to Bitwise chief investment officer Matt Hougan. “I think we’re in a 10-year grind upward of strong returns. It’s not spectacular returns, [but] strong returns, lower volatility, some up and down,” Hougan said on CNBC on Friday. Hougan is sticking with his forecast that 2026 will be a positive year for Bitcoin (BTC), an outlook he first shared in July ahead of Bitcoin’s run to a new all-time high of $125,100 in October. “I think next year will be up,” Hougan said. “Slow-moving institutional buying” is protecting Bitcoin’s downside Meanwhile, ReserveOne chief investment officer Sebastian Beau said it is still unclear whether Bitcoin’s four-year cycle is “dead.” “All-time highs were 125,000, that was in early October, we are bordering on $87,000 today, down 30% relatively quickly, pretty painful,” Beau said. Market participants are divided on whether the cycle has ended, with the timing of Bitcoin’s October highs mirroring past four-year cycle peaks, suggesting a possible down year in 2026. Hougan said the “fast-moving retail crowd” is protecting Bitcoin’s year-end decline, as retail investors rotated out in “anticipation of that four-year cycle.” Bitcoin is trading at $87,818 at the time of publication, down 3.81% over the past 30 days, according to CoinMarketCap. Beau shared a similar view. “We know it is a commodity asset and that has been spelled out by the SEC,” he said.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
