Bernstein, a Wall Street research company, has made an optimistic prediction regarding Bitcoin. According to their analyst, Gautam Chhugani, the cryptocurrency might reach $300,000 by the end of 2029, he also reiterated the long-term target of $1 million by 2033. This projection is based on a rising institutional adoption, increasing government debts, and a likely currency debasement that happens in the economies. Besides, the analyst lowered the price target of Strategy’s stock due to its dilution.
Wall Street Research Company Forecasts Bitcoin To Hit $1M By 2033
Based on the prediction, Bitcoin will hit $125,000 by the end of this year, followed by a fresh high near $150,000 by 2027 and peak at approximately $300,000 by 2029 in a base case scenario. This means that it will continue to follow the crypto’s historical ~4-year-price cycle.
On the other hand, the research company explained that a higher increase in government debt and currency debasement could drive Bitcoin’s price to $200,000 by mid-2027 and stretch as high as $500,000 by 2029. Besides, Chhugani added that growing macro-friendly institutional adoption, including spot Bitcoin ETFs, is the key component of their positive outlook.
BITCOIN COULD HIT $300,000 BY 2029
Bernstein predicts Bitcoin could recover to a new record of $150,000 by mid-2027 before reaching $300,000 by 2029.
The firm expects rising government debt and currency debasement to boost demand for scarce assets like Bitcoin.
Bernstein also…
— *Walter Bloomberg (@DeItaone) August 26, 2026
Notably, the Wall Street company said that the market witnessed a significant move as the crypto industry’s largest player, BlackRock, recorded nearly $5B Bitcoin ETF to ETF tax-deferred swaps. It implies that the relevant authorities have been converting a “considerable amount of direct Bitcoin positions to IBIT and similar ETFs”.
Key Factors Behind Bernstein’s Bitcoin Projection
The research company maintained its projection of Bitcoin reaching $1,000,000 by 2033. They associated it with a likely increase in government debt, which will probably occur when the era of falling interest rates ends.
Source: Bernstein
They also projected that the rising trend of government debt in the world will probably lead to a currency debasement that will inevitably distort the value of fiat money. In addition, the Wall Street firm noted that Bitcoin’s scarcity would become more attractive to investors as a hedge against the likely inflation, which is expected to occur due to the currency debasement.
Strategy’s Price Target Gets Trimmed Despite A Maintained “Buy” Rating
Even as Bernstein remains optimistic on Bitcoin itself, it took a more cautious stance on Strategy, the corporate Bitcoin treasury company known for holding one of the largest Bitcoin reserves among publicly traded firms. The firm kept its “Buy” rating intact but lowered its price target from $450 down to $350, citing ongoing stock dilution as the key factor weighing on the revised figure.
This contrasts with a separate call from Canaccord, which recently raised its own Strategy price target from $130 to $175 while maintaining its own Buy rating, pointing to improving crypto market conditions and the company’s swing back to profitability as supporting factors.
Broader Market Context Adds A Layer Of Near-term Caution
Despite the bullish long-term framing, near-term market conditions painted a more mixed picture. Strategy shares slipped more than 2% in premarket trading, coinciding with Bitcoin’s price dipping to around $78,100 after U.S. PCE inflation data came in softer than markets had anticipated.
Source: Bernstein
Separately, prediction market platform Polymarket showed participants leaning toward a more modest near-term outcome, with 69% of “Yes” bets suggesting Bitcoin would reach $85,000 by the end of December, a far more conservative figure than Bernstein’s multi-year projections.
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