Short answer
It depends on what "password" means. If you forgot the wallet app password (MetaMask login, Trust Wallet PIN, Ledger device PIN), you can usually recover by reinstalling and importing your mnemonic. If you forgot the mnemonic itself, there is no recovery — the funds are permanently lost. If you forgot the BIP-39 passphrase (the optional 25th word), partial recovery via btcrecover is possible if you remember clues.
The three "passwords" people confuse
App-level password. The password you set when first installing MetaMask, Trust Wallet, or Exodus. This password encrypts your mnemonic at rest on the device, but the mnemonic itself is the actual key. Forgot? Reinstall the app, choose "Restore from mnemonic," type your 12 or 24 words. Done.
Hardware-wallet PIN. The PIN you set on the Ledger or Trezor device. Wrong PIN three times in a row resets the device, requiring you to restore from mnemonic. Forgot? Force a reset (varies by device), then restore from your mnemonic backup.
Mnemonic phrase. The 12 or 24 words themselves. This is the actual key. Lost? Funds are gone — there is no password reset, no customer service, no recovery. This is why every guide hammers "back up your mnemonic" so hard.
BIP-39 passphrase. The optional "25th word" that mixes with the mnemonic to derive a different wallet entirely. Forgot but remember partial info? Use btcrecover with clues. Forgot completely? See the mnemonic case — gone.
Practical recovery
For 95% of "forgot password" cases, the answer is: reinstall and restore from mnemonic. Make sure you have the mnemonic written down somewhere physical. If you don't have the mnemonic written down, the only path is to access the device while it's still unlocked and export the mnemonic immediately to a safe backup.
The cold reality
The blockchain has no "Forgot Password" link by design. This is the price of self-custody — no intermediary to reset access, no one to vouch for you, no help line. If you can't tolerate this constraint, custodial solutions (Coinbase, exchange custody, BitGo) trade self-custody for access recovery via KYC.
Further reading: Key-leak emergency rescue, Mnemonic.