Bybit has released its 2026 Crypto Outlook research report analyzing forces expected to shape digital asset markets throughout 2026. The report focuses on Bitcoin and broader crypto markets, examining macro drivers, risks, derivatives data, options-implied probabilities, volatility dynamics, and cross-asset correlations. A central question explores whether the four-year crypto market cycle historically associated with Bitcoin halving events remains the dominant framework for understanding price behavior in 2026. Based on options market data, there's currently a 10.3% implied probability of Bitcoin trading at $150,000 by end-2026, though the report emphasizes this reflects market pricing rather than forecasts. The report highlights policy and event-driven risks including potential exclusions from major stock indexes and possible Bank of Japan policy tightening. Bybit serves over 80 million users globally and continues expanding its Web3 infrastructure and institutional partnerships.