TD Cowen Downgrades Bitcoin Price Target to $97,500 Amid Market Weakness

TD Cowen analysts have lowered their Bitcoin price target to $97,500 by year-end 2026, representing approximately 25% upside from recent levels around $78,000.

This downgrade is attributed to recent weakness in the cryptocurrency market, not changes in company fundamentals or market structure. TD Cowen analyst Lance Vitanza emphasized that this adjustment does not reflect a deterioration of the company's operations or capital structure.

In addition to revising their Bitcoin target price, TD Cowen has also lowered its base forecast for 2026 year-end from around $140,000 to approximately $100,000. This represents a significant reduction in the firm's prior more optimistic long-term outlook.

Notably, while TD Cowen downgraded its target price for Strategy to $260, they maintained a 'buy' rating and expressed no change in their view on the company's operations or capital structure.