TD Cowen Cuts Year-End Bitcoin Price Target to $97,500

Lance Vitanza, an analyst at TD Cowen, has reduced his year-end Bitcoin price target to $97,500. This cut represents a significant decrease from his previous forecast of $141,277 for the end of 2025.

The new target still implies roughly 25% upside from the current trading level of around $78,000. Vitanza attributes the revision primarily to the change in Bitcoin price outlook rather than any deterioration in Strategy's underlying business fundamentals.

In addition to cutting his year-end Bitcoin price target, TD Cowen also lowered its price target on Strategy from $400 to $260 while maintaining a 'Buy' rating. This adjustment reflects the direct impact of the revised Bitcoin price forecast on the company's valuation and future earnings prospects.