Macroeconomic narratives and institutional pricing logic are being reinforced simultaneously, once again elevating Bitcoin's "long-term revaluation path."

Arthur Hayes' view suggests that before the United States Federal Reserve re-releases liquidity and fills the banking system's balance sheet gap, Bitcoin is unlikely to experience a substantial upward trend. He further points out that AI is disrupting traditional knowledge work income structures and may trigger a wave of consumer credit defaults, ultimately forcing policymakers to once again "passively loosen monetary policy," which becomes the core catalyst for BTC's upward movement.
His price path forecast is also highly aggressive:

Summer 2026: $150k–$200k

End of 2026: $250k–$500k

2028: $1 million level

Meanwhile, Michael Saylor further strengthens the institutional narrative.
Strategy's latest disclosure:

Adding approximately $2.54 billion worth of 34,164 BTC, with an average price of about $74,395

Current total holdings reach 815,061 BTC

Cumulative cost approximately $61.56 billion, with an average price of about $75,527

His core judgment is: continuous accumulation by corporations and ETFs is driving BTC into a "non-linear revaluation phase." If Strategy ultimately holds about 7.5% of the total supply, the long-term target price could point to the $10 million level.
The intersection of these two narratives is very clear:
One comes from macro liquidity, and the other from structural supply contraction.
When liquidity + scarcity are simultaneously reinforced, Bitcoin's pricing model will no longer be linear.
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