Bernstein: Bitcoin to Reach $150K by Mid-2027, Peak ~$300K by 2029

This forecast shifts the narrative from cyclical volatility to structural adoption, framing Bitcoin's trajectory around institutional flows and scarcity rather than speculative trading. The extended timeline suggests analysts expect a sustained accumulation phase, not a short-term spike. For the market, the key signal is whether institutional participation deepens enough to validate these price levels, as supply dynamics alone rarely drive such moves. What bears watching is the pace of mainstream integration—ETF flows, corporate treasuries, and regulatory clarity—since any slowdown in that adoption curve would likely force revisions. The forecast's credibility hinges on whether the asset class matures into a standard portfolio component, not just a hedge.