Bernstein analyst Gautam Chhugani has issued a bullish call on Bitcoin (BTC) amid institutional demand for the cryptocurrency and currency debasement. Chhugani said he expects Bitcoin's price
Bernstein analyst Gautam Chhugani has issued a bullish call on Bitcoin (BTC) amid institutional demand for the cryptocurrency and currency debasement.
Chhugani said he expects Bitcoin's price to reach approximately $125,000 by the end of 2026 under both base and bull cases.
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In a base case, he expects Bitcoin to hit a new all-time high (ATH) of $150,000 by mid-2027 and then reach around $300,000 in 2029.
The analyst thinks Bitcoin will continue its historical four-year cycle, but soaring national debt ($40 trillion currently) and dollar debasement could even spark a Bitcoin rally to $200,000 by mid-2027 and $500,000 in 2029 in a bull case.
As Bitcoin rose 28% over the last 10 days after remaining 50% below its Oct. 6, 2025, peak of $126,080, the rebound could signal the end of the current bear cycle, Chhugani asserted.
The analyst said the end of declining interest rates and high sovereign debt could push policymakers toward currency debasement rather than stricter measures. Bitcoin’s limited supply of 21 million coins cements its position as a major hard asset, he added.
As per him, institutional investors and corporate Bitcoin buyers have provided greater downside support during the latest cycle, which was a smaller drawdown than the 75%-90% declines in previous cycles. He expects the two factors to play a bigger role in the market.
Chhugani reiterated the Bitcoin price target of approximately $1 million by 2033 under both bull and base cases.
BTC/USD, Source: DecibelBitcoin was trading at $78,506 at the time of writing, as per Decibel.
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