Bernstein Sees Bitcoin Soaring to $125K by Late 2026

Wall Street research firm Bernstein is predicting a rebound in Bitcoin, arguing that the recent selloff could mark the end of the current bear phase and signal the beginning of a new advance.

The firm expects Bitcoin to retake its 2025 high and push into fresh cycle highs over the next several years. Under their base case, they anticipate reaching $125,000 by late 2026, while in the bull case, they see prices potentially rising as high as $500,000 by the end of the decade.

Bernstein's forecast is tied to Bitcoin's historical four-year cycle phases and its relationship between price and miners' marginal production costs. The firm says that institutional investors and corporate buyers have been playing a larger role in the market, which has provided greater downside support than in earlier cycles.