El camino de Bitcoin a $90,000 y más allá a principios de 2026

Bitcoin's journey toward $90,000 and beyond in early 2026 is being shaped by two powerful forces: institutional adoption and macroeconomic liquidity tailwinds. These factors, though distinct, are increasingly intertwined, creating a narrative that challenges traditional assumptions about Bitcoin's role in global finance.

The Institutional Gold Rush: ETFs and Corporate Treasuries

Institutional investment in Bitcoin has accelerated at an unprecedented pace since the approval of spot Bitcoin ETFs in January 2024. By Q3 2025, these ETFs had attracted $6.96 billion in inflows, with BlackRock's IBIT dominating the market with $100 billion in AUM and a 48.5% market share according to PowerDrill. This surge reflects a broader shift in institutional strategy: 60% of institutional investors now prefer exposure to crypto through registered investment vehicles, signaling a move toward legitimacy and regulatory clarity according to SSGA.

Corporate treasuries are also redefining Bitcoin's utility. Companies like MicroStrategy have allocated 257,000 BTC in 2024 alone, treating Bitcoin as a strategic reserve asset rather than a speculative play according to PowerDrill. This trend mirrors the behavior of corporations in the 2008 financial crisis, where cash was increasingly held in gold and U.S. Treasuries. Today, Bitcoin is emerging as a third pillar in corporate balance sheets, offering a hedge against fiat devaluation and a store of value in a low-interest-rate environment.

Macroeconomic Tailwinds: Liquidity, Inflation, and Central Bank Policy

Bitcoin's price trajectory in 2025-2026 is inextricably linked to central bank policy and liquidity dynamics. The Federal Reserve's third rate cut of 2025, which brought the policy band to 3.50–3.75%, has created a mixed environment. While rate cuts typically boost risk assets, Bitcoin's recent correction-from a high of $126,000 in October 2025 to $85,000–$87,000-highlights the tension between elevated real yields and institutional demand according to Investing.com.

However, the macroeconomic picture is evolving. By 2026, the Fed is projected to end quantitative tightening and shift to rate-cutting, with interest rates potentially falling below 3% according to MEXC. This shift could replicate the liquidity-fueled environment of 2020-2021, albeit with a more mature institutional infrastructure. J.P. Morgan analysts note that Bitcoin's performance will hinge on whether central banks accelerate easing cycles or face sticky inflation according to JPMorgan. For now, Bitcoin's role as an inflation hedge remains contested, as its price is increasingly influenced by global risk appetite rather than pure monetary inflation according to Investing.com.

The $90,000 Threshold: Institutional Demand vs. Macro Uncertainty

Analysts project a $90,000 target for Bitcoin in early 2026, driven by ETF inflows and consolidation above $85,000 according to IG. This optimism is rooted in two key factors:
1. Institutional ETF AUM reaching $191 billion by November 2025, with the U.S. Bitcoin ETF market growing 45% to $103 billion in AUM according to SSGA.
2. Regulatory clarity, such as the OCC's authorization of banks to act as crypto brokers in "riskless principal" trades, which could expand institutional participation according to BTCMarkets.

Yet, challenges persist. November 2025 saw volatile ETF outflows, and the 2-Year Simple Moving Average near $82,800 remains a critical technical level according to Investing.com. If Bitcoin breaks above this threshold, it could trigger a self-fulfilling prophecy of buying from both retail and institutional investors.

The Bull Case: Super-Cycle Scenarios and Reserve Asset Status

A more bullish scenario envisions Bitcoin reaching $180,000–$250,000 by 2026, driven by corporate treasury adoption, retail re-entry, and regulatory breakthroughs according to PowerDrill. Grayscale analysts argue that Bitcoin's narrative as a reserve asset-bolstered by its 6.57% share of the circulating supply held in ETFs-could attract even more institutional capital according to JPMorgan. This would mirror the gold standard era, where Bitcoin's scarcity and decentralization make it a natural hedge against fiat devaluation.

Conclusion: A Convergence of Forces

Bitcoin's path to $90,000 and beyond is not a single-threaded story but a convergence of institutional adoption and macroeconomic shifts. While short-term volatility and hawkish central bank signals pose risks, the long-term fundamentals-ETF growth, corporate treasury allocations, and liquidity tailwinds-suggest a compelling case for optimism. As the Fed navigates inflation and the institutional infrastructure matures, Bitcoin is poised to transition from a speculative asset to a core component of global capital allocation.