Bernstein is staying bullish on Bitcoin, forecasting the cryptocurrency will hit $125,000 by late 2026 and then run to $300,000 by 2029. That's the firm's base case. It also outlined a bull case that puts Bitcoin at $500,000.
The near-term target
Bitcoin's first stop under the forecast is $125,000, a level the firm expects to see before the year is out. That puts the target within weeks of the report's publication date. If Bitcoin gets there, it would mark a sharp recovery from where it's been trading in recent months.
The 2029 view
From there, Bernstein's base case has Bitcoin roughly 2.4 times higher at $300,000 in 2029. That's a three-year window that assumes the market matures without a dramatic downturn. The firm didn't lay out what could break the rally, but the number implies sustained demand and growing institutional participation.
The bull case
The more optimistic scenario is $500,000, which is about 67% above the base case. Bernstein didn't specify what would trigger that outcome, but it's the top of the firm's forecast range. The gap between the base and bull cases suggests a wide band of uncertainty around the 2029 price.
The forecast arrives as Bitcoin's price action has been volatile this year, with swings in both directions. The $125,000 target is the first checkpoint, and it's a close one.
