Investment firm Bitwise has projected that Bitcoin could reach $200,000 by 2026, even as the market experiences a downturn. The decline is attributed to ETF outflows and a decrease in corporate treasury purchases. However, Bitwise remains optimistic about long-term institutional adoption and demand. The firm also pointed to Federal Reserve policies and increased market volatility due to new participants as factors influencing the market. Bitwise highlighted Harvard's recent Bitcoin purchase as an indicator of growing institutional interest in the cryptocurrency.