Bernstein Forecasts $125K Bitcoin Price by Late 2026, $1M by 2033

Wall Street research company Bernstein has predicted that Bitcoin will recover from its latest downturn and reclaim its 2025 high, potentially reaching new records in the coming years. According to a recent report by Bernstein, the price of Bitcoin is expected to rebound and reach $125,000 by late 2026 under both its base and bull cases.

Bernstein's forecast is based on historical four-year cycles, which the company links to the halving event that cuts the amount of new Bitcoin awarded to miners roughly every four years. The analysts estimate Bitcoin's potential price during those cycles by comparing it with the marginal cost of producing Bitcoin, or the estimated cost for the least efficient miners to produce new coins.

The base case puts Bitcoin at $150,000 by mid-2027 before reaching a cycle peak of about $300,000 in 2029. The bull case puts the price at $200,000 by mid-2027 and $500,000 in 2029. Bernstein also maintained its longer-term BTC target of about $1 million by 2033 under both scenarios.