Bitcoin’s trajectory to a new all-time high hinges on the persistence of spot Bitcoin ETF inflows amid significant recent outflows totaling $1.3 billion between December 2025 and January 2026. The market is currently undergoing tactical rebalancing as inflow bursts are offset by sharp outflows, influenced heavily by macroeconomic factors such as Federal Reserve policies. Analysts outline three possible timing scenarios for the next Bitcoin peak, ranging from a renewed 2026-2027 rally with sustained inflows to a delayed high closer to 2028 based on traditional halving cycles or extended drawdown risks.