Overview
- Bernstein now targets $150,000 for 2026, a potential $200,000 peak in 2027, and $1 million by 2033.
- The firm argues Bitcoin has broken from the four-year halving pattern as spot-ETF accumulation and allocator demand take the lead.
- During an approximately 30% drawdown, spot Bitcoin ETFs saw only about 5% redemptions, signaling strategic, long-term positioning.
- The forecasts hinge on deepening liquidity, wider institutional access, stronger custody and clearer regulation, which Bernstein says are progressing.
- Near-term direction remains tied to central-bank policy, with markets widely expecting a Federal Reserve quarter-point rate cut this week.