Bernstein expects Bitcoin to rise to $300,000 by the end of 2029
Bernstein believes the price of Bitcoin could hit a new record by mid-2027 / Photo: Shutterstock.com / Sunlight_s
Bitcoin could nearly quadruple in price thanks to renewed interest in assets capable of retaining their value as the dollar weakens, according to analysts at Bernstein. According to their forecast, as reported by CNBC, the price of the largest cryptocurrency will jump to $300,000 per token by the end of 2029—that’s about 280% higher than current levels. And by mid-2027, Bernstein estimates that Bitcoin could set a new all-time high, reaching $150,000.
According to analysts, the “debasement trade ” has returned to the market. This is a strategy in which investors shift into tangible assets or assets with limited supply to protect themselves against a weakening dollar, explains CNBC. Interest in this strategy is growing due to concerns about persistent inflation and rising U.S. national debt, which exceeded $40 trillion for the first time in early August. Shortly thereafter, the U.S. Treasury promised to
increase the volume of Treasury buybacks to curb the rise in their yields. This, in turn, has heightened fears of a depreciation in the U.S. currency.
As a result, the price of Bitcoin has risen 21% over the past month and, on August 24, surpassed $80,000 for the first time since May. On August 26, the cryptocurrency was trading at around $78,700.
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Bernstein believes the cryptocurrency rally could boost shares of Strategy, the largest corporate holder of Bitcoin. Strategy holds approximately 4% of the global supply, according to CNBC. If Bitcoin continues to rise in price and the value of the company’s high-yield perpetual preferred securities recovers to $100, it may resume active token purchases, predicts analyst Gautam Chugani.
Bernstein reaffirmed its “Buy” recommendation on Strategy shares (Outperform rating), although it lowered its price target from $450 to $350. The new price target implies an increase of approximately 176% from the closing price on August 26.
18 out of 20 analysts who track Strategy recommend increasing holdings in the stock. The remaining two advise holding the position, according to MarketWatch.
This article was AI-translated and verified by a human editor
