Key highlights:

  • Bernstein analyst Gautam Chhugani believes that the Bitcoin price could hit $150K in 2027 and $300K in 2029
  • If the institutional interest continues to grow, BTC could see a bold high of $500k in 2029
  • US Treasury’s bond buyback program also sparks bullish sentiment

Bitcoin's surge past $80,000 has sparked fresh speculation of just how far the cryptocurrency could go. According to Bernstein analyst Gautam Chhugani, Bitcoin could reach a new all-time high of $150k by mid-2027 and an ambitious $300k by the end of 2029.

Bernstein expects the Bitcoin price to hit $300k by 2029

As the Bitcoin price continues to stand firm in the positive zone, experts are putting forward new bullish predictions. Bernstein analyst Gautam Chhugani believes that BTC could hit $150,000 by mid-2027. He also stated that in 2029, it could reach another high of $300,000.

As of press time, BTC is trading at $78,069, with a marginal downtick of 1% in a day. But the coin has seen notable upticks of 21% and 20% over the past week and month, respectively.

 

Further, he launched a more bullish projection citing the growing institutional interest in the crypto. As CoinCodex recently reported, spot Bitcoin ETFs continue to record significant net inflows. On August 25, 2026, the exchange-traded funds posted $314.3 million in net inflows, marking seven consecutive days of positive flows, after weeks of negative trend.

Bitcoin ETF flows

Source: Farside Investors

According to the Bernstein analyst, if this institutional interest continues to grow, the Bitcoin price could sustain the current rally, potentially reaching $500,000 in 2029. His words read,

"In our base case, we expect bitcoin to reach new all-time high of $150K by mid-2027 and $300K by 2029 end. However, given the macro regime shift, if institutional capital actively chases bitcoin, we could see an accelerated timeline, with bitcoin potentially peaking at $500K in 2029 and rapid recovery to new all-time highs of ~$200K by mid-2027. We maintain our bitcoin price forecast of ~$1 M million by 2033 end across the base and bull case.”

Why could treasury liquidity support BTC?

In addition to the spot Bitcoin ETF inflows, the BTC price surge is also fueled by the US Treasury’s surprising announcement about its long-term bond buyback program. As announced by Secretary Scott Bessent, the US is doubling its maximum size of the bond buybacks from $2 billion to $4 billion per session. He added that the government has a “big toolkit” to address the rising bond yields.

As these bond purchases could add liquidity to markets, support bond prices, and ease borrowing pressures, it could provide a bullish scenario for the Bitcoin price. More liquidity has historically supported risk assets like BTC.

The Bernstein analyst sees this move as part of a broader shift in the global economy. He stated that the era of falling interest rates has come to an end. As debt servicing costs rise, the government will face increased pressure. With borrowing becoming more expensive, the policymakers will be forced to choose between fiscal tightening and currency debasement. Chhugani noted,

“Faced with the choice between fiscal stress and currency debasement, we believe the policymakers will ultimately favor the latter, as it is politically less disruptive (e.g recent struggle with the DOGE efforts). Hence, investors will potentially benefit from owning scarce assets such as Bitcoin that cannot be easily created/ diluted.”

Connecting to this, Bernstein explained the “debasement trade” thesis. As per the analyst’s statement, if investors become more worried about weakening fiat currencies, the demand for BTC will rise, potentially pushing the Bitcoin price to new ATHs.