Bernstein Predicts Bitcoin Price to Hit $300K by 2029

Wall Street research firm Bernstein has renewed its bullish Bitcoin price outlook, forecasting BTC could reach $300,000 by the end of 2029 as institutional adoption and concerns over currency debasement strengthen demand for the cryptocurrency.

Bernstein analyst Gautam Chhugani expects Bitcoin to trade near $125,000 by the end of 2026 before climbing to a fresh high of around $150,000 by mid-2027. Under the firm's base-case forecast, BTC could eventually peak near $300,000 in 2029.

The projection assumes Bitcoin will broadly maintain its historical four-year market cycle. However, Bernstein believes rising sovereign debt and potential currency debasement could create an even stronger scenario. Under those conditions, Bitcoin could reach $200,000 by mid-2027 and $500,000 in 2029.

Institutional demand remains a major factor behind the bullish Bitcoin forecast. Bernstein highlighted increasing exposure through spot Bitcoin ETFs, while BlackRock has reportedly processed about $5 billion in tax-deferred Bitcoin-to-ETF swaps involving its iShares Bitcoin Trust.

Looking further ahead, Bernstein maintained its $1 million Bitcoin price forecast for the end of 2033. The firm argues that elevated government debt and changing interest-rate conditions could encourage policymakers to tolerate currency debasement, strengthening Bitcoin's appeal as a scarce store of value.

Despite its optimism on BTC, Bernstein lowered its Strategy stock price target. The firm maintained a Buy rating on MSTR but reduced its target from $450 to $350, citing dilution concerns. Canaccord, meanwhile, recently raised its own MSTR target from $130 to $175 while retaining a Buy rating.

MSTR shares fell more than 2% in Wednesday premarket trading as Bitcoin slipped toward $78,100. Derivatives data also pointed to increased caution, with total Bitcoin futures open interest declining 2.7% over 24 hours to $54.80 billion.

Prediction-market traders remain relatively bullish. Polymarket data showed a 69% probability that Bitcoin will reach $85,000 by December, highlighting expectations for further upside despite the latest pullback.