Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus

Bernstein analysts, Gautam Chhugani and Mahika Sapra, have revised their price targets for Bitcoin in their latest market report, focusing on the potential for the cryptocurrency to reach $200,000 by 2025 and $1 million by 2033. This increase in target price is attributed to the growing institutional demand for BTC. The analysts also predict that Spot Bitcoin ETFs will continue to gain momentum, leading to a significant increase in Bitcoin under management. They believe that the supply and demand dynamics, coupled with anticipated Bitcoin halvings, will support their base case of BTC hitting $1 million. Additionally, the analysts initiated coverage on MicroStrategy, projecting that the software company’s stock could rise to $2,890 due to its exposure to Bitcoin. MicroStrategy has already transformed into the largest BTC holding company and continues to accumulate more. The company recently announced plans to offer Convertible Senior Notes to fund the purchase of additional BTC. Bernstein notes that MicroStrategy’s co-founder, Michael Saylor, has become synonymous with the Bitcoin brand and has attracted significant capital for the company’s active Bitcoin acquisition strategy. Overall, Bernstein believes that MicroStrategy’s long-term strategy allows it to benefit from Bitcoin’s upside with limited liquidation risk.