TD Cowen revises Bitcoin price targets following strong market performance

TD Cowen is reassessing its long-term price targets for Bitcoin following stronger-than-expected market performance through the end of the third quarter. Lance Vitanza, Managing Director at TD Cowen, indicated that the firm is reviewing its projections in light of recent price action.

The investment bank now sees Bitcoin potentially reaching $132,750 by the end of 2027, representing an approximate 54% upside from recent levels. Looking further ahead, Vitanza suggested Bitcoin could reach $275,000 by the end of 2029, noting a potential long-term annual growth rate of 27–30%.

Vitanza noted that the institutional conversation has shifted from whether to participate in Bitcoin to how to participate, with many organizations evaluating how the asset affects a portfolio's overall risk-return characteristics. He also highlighted that well-managed Bitcoin treasury companies, such as MicroStrategy, Strive, Metaplanet, and Nakamoto, could potentially outperform Bitcoin itself by increasing Bitcoin holdings per share through accretive capital raises.