Wall Street analyst sets date when Bitcoin will hit $300,000

Bernstein Research has identified 2029 as the year Bitcoin (BTC) could reach $300,000 under its base-case forecast.

The outlook follows Bitcoin’s August rally, which saw the cryptocurrency briefly surpass $80,000 and implies a potential 282% gain from its press-time price of $78,471.

The projection was outlined in an August 26 client note led by Bernstein senior digital assets analyst Gautam Chhugani.

The firm’s latest Bitcoin price forecast expects the asset to recover to approximately $125,000 by the end of 2026, rise to $150,000 by mid-2027, and eventually reach a cycle peak near $300,000 in 2029.

Bernstein also maintained a more bullish scenario that sees Bitcoin climbing to $200,000 by mid-2027 and potentially reaching $500,000 before the end of the decade. Its long-term forecast of $1 million by 2033 remains unchanged from the target first published in 2024.

Bernstein’s model continues to view Bitcoin as an asset that follows historical four-year market cycles while valuing it relative to its marginal cost of production.

Impact of Bitcoin ETFs 

The analysts identified growing institutional ownership as a key driver of the forecast. According to the report, spot Bitcoin exchange-traded funds (ETFs) and corporate treasury buyers have created a more stable holder base, with ETF outflows during recent corrections remaining below 5%.