Bitcoin (BTC) has been stuck in neutral lately, grinding below $90,000 while gold and silver blast through all-time highs. But according to analyst Trader Mayne, that stagnation might be about to end.

The Options Expiry Effect

In his latest podcast, Mayne pointed to a massive catalyst that just cleared the decks: the expiration of a record $27 billion in crypto options on Deribit. Heavy options positioning had created what traders call a "gamma pin," essentially keeping Bitcoin locked in a tight range between $85,000 and $90,000.

With that exposure now off the books, Mayne believes the price constraint has lifted, opening the door for more decisive movement as 2026 kicks off. Think of it like removing a weight that's been holding a spring down.

The Great Wallet Divide

On-chain data tells an interesting story about who's buying and who's bailing. Large holders and institutional players like MicroStrategy keep stacking sats, while smaller wallets are heading for the exits amid what sentiment indicators show as prolonged extreme fear.

Mayne sees Bitcoin's recent underperformance compared to gold, silver, and equities as temporary rather than a fundamental shift in the narrative.

Looking Ahead

Don't expect a smooth ride through 2026, though. Mayne anticipates a strong beginning to the year, potentially pushing Bitcoin back toward $100,000, followed by a weaker second half. His game plan? Use any early rally to trim positions and wait for a deeper pullback that could offer better long-term entry points.

He's also watching U.S. equities for one final push higher, with the S&P 500 possibly approaching 7,000. That kind of move could drag Bitcoin along in a final risk-on rally before things cool off.