Bernstein Sees Bitcoin Soar to $150K by Mid-2027

Research firm Bernstein has raised its target price for Bitcoin (BTC) to $150,000 by mid-2027 and $300,000 at the peak of its next four-year cycle in 2029. The forecast is part of a note published on August 26, where Bernstein also maintains its Outperform rating on Strategy, the publicly traded Bitcoin treasury company.

The firm's base-case model prices Bitcoin as a multiple of its marginal cost of production, assuming the asset continues to track its historical four-year halving cycle. Under this framework, BTC is projected to reach around $125,000 by the end of 2026 and climb to $150,000 by mid-2027.

Bernstein points to supply data supporting its Bitcoin case, noting that about 59% of BTC's total supply has not moved on-chain in the past 12 months. The firm also expects governments to lean toward currency debasement rather than fiscal tightening, driving demand for assets that cannot be inflated or diluted on demand.

In an accelerated scenario where institutional capital moves into Bitcoin more aggressively, Bernstein sees BTC reaching $200,000 by mid-2027 and potentially hitting $500,000 by 2029. The firm also reduced its Strategy price target to $350 from $450 due to updated cycle timing and equity dilution.