Bernstein Predicts BTC Price Could Hit $300K by 2029 and $1M by 2033
Highlights
- Bernstein predicts a massive rally in Bitcoin amid rising government debt and currency debasement.
- BTC price could hit $300K by 2029 and $1 million by 2033.
- Bernstein maintained a 'Buy' rating on Strategy, but cut MSTR stock price target to $350.
Wall Street research firm Bernstein issued a bullish outlook on BTC price, predicting a massive rally amid institutional demand and currency debasement. The firm sees Bitcoin hitting $300,000 by the end of 2029 in the base case, reiterating its $1 million forecast for 2033. Bernstein also cut MSTR stock price target.
Bernstein Analyst Massively Bullish on BTC Price Rally
Bernstein analyst Gautam Chhugani expects BTC price to reach roughly $125k by 2026-end, and a new high of $150K by mid-2027. He also predicted a cycle peak of around $300k in 2029 under the base case.
The firm assumed Bitcoin to continue its historical four-year cycle. However, rising government debt and currency debasement could trigger BTC price hitting $200K by mid-2027 and $500K in 2029.
Bernstein noted that growing institutional holders, including in spot Bitcoin ETFs, as key support for its bullish outlook. Also, BlackRock hit $5 billion in tax-deferred Bitcoin-to-ETF swaps, indicating whales have moved significant BTC holdings to IBIT over the past few months.
The firm maintained its long-term forecast of $1 million by the end of 2033. The analyst claimed that the end of declining interest rates, combined with high sovereign debt levels, may push policymakers toward currency debasement rather than stricter measures. Bitcoin’s scarcity positions it as a leading hard asset and store of value.
MSTR Stock Price Target Cut
Bernstein maintained a ‘Buy’ rating on Bitcoin treasury company Strategy. However, it reduced MSTR stock price target to $350 from $450. The firm cited stock dilution as the reason for revising price target lower.
As CoinGape reported earlier, Canaccord raised MSTR stock price target to $175 from $130, maintaining a Buy rating. The company’s Bitcoin-focused strategy benefits from improving crypto market conditions.
MSTR stock price has dropped more than 2% in premarket trading hours on Wednesday. This comes as BTC price dropped around $78,100 after PCE inflation data came in lower than expected.
CoinGlass data also showed selling in the derivatives market. The total BTC futures open interest dropped 2.7% to $54.80 billion in the last 24 hours. BTC futures OI on CME and Binance dropped nearly 1% in the last 4 hours. This signals cautious sentiment among derivatives traders.
Polymarket data shows prediction market participants expect Bitcoin price to reach $85,000 by December, with 69% Yes bets.
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