Bernstein is calling for Bitcoin to surge back to $125,000 by the end of 2026—right before the next cycle tops out. Looking further ahead, the firm’s base case puts BTC at $300,000 in 2029, with a bullish scenario that sees it running as high as $500,000, according to Cointelegraph.

Key Levels and Timeline

The forecast pins $125,000 as a target for late 2026, marking a major milestone on the way to Bitcoin’s potential cycle peak. By highlighting a specific price and timeline, Bernstein gives the market a clear sense of what to watch for in the coming years.

Scenarios Through 2029

The outlook lays out two possible paths for Bitcoin over the long haul. In the base case, BTC is valued at $300,000 by 2029. If the bulls really take charge, the target jumps to $500,000. The range points to the different price trajectories BTC could take depending on how the market plays out.