TD Cowen cuts Bitcoin year-end target to $97.5K, Strategy PT to $260

The cut signals that sell-side sentiment is turning more defensive on Bitcoin's near-term trajectory, even as the asset remains above key psychological levels. The reduction in Strategy's target is notable because it ties the equity's valuation directly to Bitcoin exposure, meaning any further downside in the token could amplify pressure on that stock. What matters now is whether this caution is a one-off revision or the start of a broader consensus shift among analysts. The open question is how much macro headwinds—rather than crypto-specific fundamentals—will drive further target cuts across the sector.