Bernstein analysts are calling for Bitcoin to climb back to $125,000 by the end of 2026. They believe BTC could hit a new all-time high around $150,000 by mid-2027. Their base case also leaves room for a run up to roughly $300,000 at the peak of the next market cycle in 2029.

Bernstein’s Bitcoin Price Forecast: Key Levels

Their projected path sees Bitcoin recovering to $125,000 by late 2026, then breaking out to about $150,000 by mid-2027, and potentially reaching the $300,000 zone at the top of the next cycle in 2029.

What’s Behind the Forecast

The outlook is based on Bitcoin’s historical four-year cycle and a valuation model tied to the marginal cost of mining. This approach connects long-term price action with mining economics and the phases of Bitcoin’s market cycles.

What Could Drive the Rally

Bernstein points to inflows from spot ETFs and corporate treasuries, plus growing demand for scarce assets as governments rack up more debt. Together, these factors could ramp up buying pressure and help keep Bitcoin on the predicted trajectory.