Bernstein analyst predicts Bitcoin could reach $1 million by 2033

Gautam Chugani, an analyst at Bernstein, has projected significant price increases for Bitcoin, potentially reaching $1 million by 2033. Under a base-case scenario, Chugani expects Bitcoin to reach approximately $125,000 by the end of 2026 and $150,000 by mid-2027, eventually climbing to $300,000 by 2029.

In a more bullish scenario, driven by factors such as the rising US national debt—which has reached $40 trillion—and a potential decline in the value of the US dollar, Bitcoin could reach $200,000 by mid-2027 and $500,000 by 2029. Chugani noted that the limited supply of 21 million coins reinforces Bitcoin's status as a scarce hard asset.

The analyst also highlighted that increased institutional demand has helped mitigate the severity of price drops compared to previous market cycles. The recent 28% growth in Bitcoin's price over a ten-day period may signal the end of the current bearish cycle.