Analyst John Gillen said Bitcoin could reach $60,000, $100,000 or both levels before the year ends. Gillen spoke on the Milk Road Show on October 26. Bitcoin's weak performance near $80,000 has increased concerns about volatility during the final months of 2026. Gillen argued that Bitcoin's resilience indicates the recent rally remains intact despite growing macroeconomic uncertainty and weakness in technology stocks.
Gillen said a retreat to the 50-week moving average, around $76,000 to $78,000, would constitute a normal retest rather than a rally failure. A decisive fall below $75,500 could give bearish traders control again. A decline toward $60,000 would cast greater doubt on the recovery. Gillen considers consolidation followed by further gains more likely, although Gillen warned that volatility could increase around the U.S. midterm elections.
Gillen rejected the view that Bitcoin requires massive Federal Reserve liquidity injections to reach new highs. Gillen cited more than $6 trillion held in money market funds, arguing that reallocating even a small portion could support risk assets. Commercial bank lending, better financial conditions and institutional adoption could supply liquidity without direct intervention by central banks. Gillen identified tokenization, agentic finance and improving Securities and Exchange Commission and Commodity Futures Trading Commission regulatory frameworks as further catalysts drawing institutional capital. However, higher oil prices, persistent inflation and expectations of another Federal Reserve rate increase in December could hurt prices in the near term.
Gillen warned that a surge toward $150,000 before Christmas would be unusually aggressive and could represent a blowoff top rather than a sustainable bull market's beginning. Gillen would consider taking profits in that scenario. Gillen said Bitcoin requires more time and price action before the longer-term direction can be confirmed. Gillen remains bullish over the long term and regards Bitcoin as protection against currency devaluation. Gillen warned that an extended period of sideways trading could pose the greatest risk to investors by prompting emotional decisions and excessive trading.
Analyst Predicts Bitcoin Could Reach $60,000 or $100,000 by Year-End
BenzingaShare
Summary
Bitcoin analysis from John Gillen on October 26 suggests Bitcoin news could see the price hit $60,000, $100,000, or both by year-end. A retest near the 50-week moving average of $76,000 to $78,000 is expected, but a drop below $75,500 may signal bearish control. Catalysts like tokenization and regulatory progress could help, while inflation and Fed rate hikes remain risks.
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