When I saw this report from Galaxy, I was still thinking about those familiar cycle theories. The $250,000 target by the end of 2027 is less of a prediction and more of a description of a structural change being completed—the process of institutional adoption shifting from the fringes to the mainstream.

I remember during the 2015 cycle, institutions barely paid attention to Bitcoin. By 2020, Grayscale had started large-scale entry. And now, the volatility smile in the options market is speaking: the implied volatility premium for puts is higher than for calls, which is a sign of market maturity. This signal was not visible during the frenzy of 2017.

The "chaos" in 2026 is actually quite understandable. Every wave of institutional entry is accompanied by policy uncertainties and macro disturbances. But this time, Bitcoin is resonating with loose monetary policies and non-USD hedging demands—just like the story of gold back then. Historically, as long as these three forces move in the same direction, asset prices tend to rise with certainty, though the path may be very winding.

The price range from $50,000 to $250,000 does not reflect a failed prediction but a true portrayal of the transitional phase. We have seen too many cycles: the boom and bust during technological innovation, consolidation during application exploration, and volatility during institutional entry. It’s just a different name now, but the core logic remains the same.

It’s worth reflecting that institutional adoption itself does not change Bitcoin’s cyclical nature; it only alters the amplitude of the cycle and the structure of participants. The "boring" phase in 2026 might be more strategically significant than the madness of 2013.