Bernstein analysts have just dropped their updated outlook on Bitcoin and Strategy stocks, according to The Block. Their base case? Bitcoin could rally back to $125,000 by the end of 2026, set a fresh all-time high around $150,000 by mid-2027, and potentially surge to roughly $300,000 at the peak of the next cycle in 2029. The report also floats a possible upside target of "up to $500,000 by 2029."

Bernstein's Base Case for Bitcoin

Here’s how Bernstein sees it playing out: $125,000 by the end of 2026, then a run to about $150,000 by mid-2027 for a new ATH, and a shot at $300,000 at the next cycle’s top in 2029. This is their core scenario, but The Block doesn’t break down the model or assumptions behind these numbers.

Strategy Stock Forecasts

Bernstein also refreshed their outlook for Strategy stocks, though The Block doesn’t share the specifics behind those projections.

Context

The article cites Bernstein’s materials, highlighting these Bitcoin price targets as part of their base scenario. There’s also a mention of "depreciation trading," but no extra details are given.