Grayscale: Bitcoin may hit a new high in 2026; the four-year cycle theory is questionable.

A Grayscale report states that the Bitcoin pullback is normal, the bull market has not shown a parabolic upward trend, market structure is changing, and privacy coins are performing exceptionally well. It predicts new highs next year, questions the four-year cycle theory, and remains optimistic about the crypto market in 2026.