Here's when bitcoin may hit $500,000

With the returning rally in the price of bitcoin (BTC-USD), comes the return of big calls on bitcoin by the Wall Street bulls.

Bernstein analyst Gautum Chhugani thinks bitcoin will notch several important price milestones over the next few years.

"In our base case, we expect bitcoin to reach new all-time high of $150K by mid-2027 and $300K by 2029 end. However, given the macro regime shift, if institutional capital actively chases bitcoin, we could see an accelerated timeline, with bitcoin potentially peaking at $500K in 2029 and rapid recovery to new all-time highs of ~$200K by mid-2027. We maintain our bitcoin price forecast of ~$1 M million by 2033 end across the base and bull case," Chhugani said in a note on Wednesday.

Bitcoin is having a price gusher to close out August.

The price of bitcoin broke through $80,000 early Tuesday for the first time in 15 weeks. In the last 10 days, bitcoin is up 25%.

It's currently trading at about $80,000 today.

The latest rally has been fueled mostly by moves in the bond market.

The US Treasury surprised financial markets last week by announcing it will double the maximum size of its long-term bond buyback operations from $2 billion to $4 billion per session. This intervention directly targets the 10-year, 20-year, and 30-year Treasury sectors after benchmark yields spiked to 20-year highs due to nagging inflation and war-driven energy price pressures.