Bernstein forecasts Bitcoin at $150K by mid-2027

Wall Street research firm Bernstein has issued a bullish forecast for Bitcoin, projecting the cryptocurrency could reach $150,000 by mid-2027 and a cycle peak of approximately $300,000 by 2029 under its base case scenario. The analysis, published in a client note on August 26, 2026, attributes the outlook to institutional adoption, a historical four-year market cycle, and the growing "debasement trade" as governments grapple with high sovereign debt.

Bernstein analysts, led by Gautam Chhugani, expect Bitcoin to recover to around $125,000 by the end of 2026 before setting a new all-time high of $150,000 in mid-2027. The firm's model, which values Bitcoin as a multiple of the marginal cost of production, projects a cycle peak of about $300,000 in 2029. A longer-term forecast places Bitcoin at $1 million by the end of 2033. In a more bullish scenario, where institutional capital chases Bitcoin more aggressively, the firm sees potential for $200,000 by mid-2027 and $500,000 in 2029.

The forecast is underpinned by several key factors. Bernstein points to the end of a 40-year era of declining interest rates and U.S. sovereign debt reaching $40 trillion. The analysts argue that...