Bernstein Sees Bitcoin Recovering to $125K by Late 2026

Wall Street research firm Bernstein is predicting that Bitcoin will regain its value and reach new heights in the coming years. The company expects Bitcoin to recover from its current downturn and reclaim its 2025 high of $125,000 by late 2026 under both its base and bull cases.

Bernstein's forecast is based on Bitcoin's historical four-year cycles, which are linked to the halving event that reduces the amount of new Bitcoin awarded to miners. The company estimates Bitcoin's potential price during these cycles by comparing it with the marginal cost of producing Bitcoin, or the estimated cost for the least efficient miners to produce new coins.

Under Bernstein's base case, Bitcoin is expected to reach $150,000 by mid-2027 and then peak at around $300,000 in 2029. The company also maintains its longer-term target of about $1 million by 2033 under both scenarios.