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Bitcoin, the leading cryptocurrency, fell back to around $78,000 yesterday after rising above $81,000.
With this rise fueling talk of a $BTC rally and bullish sentiment, global investment bank Bernstein maintained its long-term bullish outlook for Bitcoin but revised the timing of its price predictions.
First $150,000, Peak $300,000!
According to Bernstein’s analysis reported by The Block, analysts expect Bitcoin to surpass its all-time high again within the current cycle, reaching $150,000 by mid-2027.
Bernstein analysts predict that Bitcoin’s next major cyclical peak could occur in 2029, around $300,000.
Bernstein states that his predictions are based on “debasement trade,” which refers to investors turning to scarce assets like Bitcoin and gold to counter the depreciation of the dollar and other fiat currencies.
A $500,000 Scenario is Also on the Table!
According to the analysis, Bernstein’s baseline scenario projects levels of approximately $125,000 by the end of 2026, $150,000 in mid-2027, and $300,000 in 2029.
However, analysts also believe that a faster rise is possible if the “debasement trade” theme becomes stronger and institutional capital flows more aggressively into Bitcoin.
This scenario predicts that Bitcoin could reach $200,000 by mid-2027 and $500,000 by 2029. Bernstein also added that he maintains his long-term forecast of approximately $1 million for Bitcoin by the end of 2033.
Bernstein recently lowered its price target from $450 to $350 while maintaining its “Outstanding Performance” rating for $BTC treasury company Strategy.
*This is not investment advice.