Bernstein Sees $300K Bitcoin Price Target in 2029 as Institutional Ownership Grows

A Wall Street analyst has predicted that Bitcoin will reach $300,000 by 2029. Bernstein Research's base-case forecast follows a recent rally in which the cryptocurrency briefly surpassed $80,000.

The analysts identified growing institutional ownership as a key driver of the forecast. According to their report, spot Bitcoin exchange-traded funds (ETFs) and corporate treasury buyers have created a more stable holder base. Regulated investors have been less prone to panic selling than participants in previous market cycles.

Bernstein's model views Bitcoin as an asset that follows historical four-year market cycles while valuing it relative to its marginal cost of production. The firm argued that long-term holders who have not moved their Bitcoin for more than one year now control about 60% of the circulating supply.