Bernstein: Bitcoin to reclaim $125K by late 2026, $300K by 2029

This forecast implies a structural shift in how major brokerages frame Bitcoin's cycle, moving beyond short-term volatility to multi-year targets that peg growth to institutional adoption and market maturation. The significance lies in the widening gap between sell-side projections and current spot prices, which could influence institutional positioning and derivatives flows. For market participants, the key variable is whether such long-dated forecasts become self-fulfilling through increased ETF allocations or corporate treasury demand. What bears watching is whether the projected 2026 retest of prior highs acts as a support level that validates the 2029 base case, or if macro headwinds force revisions. The absence of a near-term catalyst in the outlook suggests patience is the operative stance, with the real test arriving only if price action diverges from this trajectory over the next 18 months.