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Bernstein forecasts bitcoin at $150,000 by mid-2027 amid debasement trade

The firm also cut its Strategy price target to $350 from $450, citing an updated bitcoin cycle outlook and faster equity dilution.

Reported · Written up by our desk · Market Structure

Bernstein analysts expect bitcoin to recover to a new all-time high of $150,000 by mid-2027 in their base case, before reaching a cycle peak of around $300,000 in 2029, according to The Block. The call is tied to a broader “debasement trade” thesis that the analysts say could add a macro tailwind for crypto.

The Block reports Bernstein maintained its Outperform rating on Strategy, but cut its price target to $350 from $450. The analysts attributed the change to an updated bitcoin cycle outlook and accelerated equity dilution.

Bernstein also linked its view to a shift in the macro backdrop, saying the end of a 40-year period of declining interest rates has increased governments’ debt-servicing costs. In its view, rising yields can contribute to higher fiscal deficits and borrowing needs, which could eventually push policymakers toward currency debasement and lift demand for scarce assets such as bitcoin, The Block said.

The Block further noted that the “debasement trade” thesis is showing up in ETF trading, with Bloomberg’s Eric Balchunas saying BlackRock’s spot bitcoin ETF IBIT and SPDR’s gold ETF GLD returned to the top 10 most-traded ETFs, replacing some semiconductor funds that had dominated earlier in the year.

Latest closeGold $4,432.00 ▲1.6%|Bitcoin $78,451.44 ▼0.1%

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