Bernstein analysts stated that Bitcoin is expected to reach $150,000 by mid-2027 and approximately $300,000 at the 2029 cycle peak, against a backdrop of a "currency debasement trade." The analysts believe that the 40-year era of declining interest rates has ended, and rising government debt will prompt policymakers to favor currency debasement, thereby increasing demand for scarce assets, including Bitcoin. Concurrently, Bernstein maintained its "outperform" rating for Strategy but lowered its price target from $450 to $350, citing its updated Bitcoin cycle outlook and accelerated equity dilution. Strategy currently holds 840,447 Bitcoin, accounting for approximately 4% of the total Bitcoin supply.