Bitcoin in 2026: Bull case vs. bear case

Bitcoin in 2026: Bull case vs. bear case — what am I missing? I've been thinking about the current Bitcoin thesis from both sides. The bull case: Bitcoin continues gaining adoption as a scarce digital asset, institutional participation remains strong, and long-term demand keeps increasing. The bear case: Valuation gets ahead of fundamentals, liquidity conditions change, competition and regulation create new risks, and investor enthusiasm eventually cools. Neither side seems completely unreasonable to me. So here's the question: What is the strongest argument for Bitcoin right now—and what is the strongest argument against it? If you had to challenge your own position, what would you say? I'd rather hear a well-reasoned bear case or bull case than another “BTC to $X” prediction.