Analysts at Bernstein have revised their Bitcoin price prediction for late 2025, calling the $200,000 target a “conservative estimate,” according to The Block.

“We forecast Bitcoin’s price to reach $200,000 in this cycle (by late 2025). However, we acknowledge that our prediction is quite conservative,” said Gautam Chhugani, Head of Digital Assets at Bernstein, in a note to clients.

Bitcoin’s Appeal Amid Rising Debt and Inflation Risks

Chhugani highlighted the growing appeal of Bitcoin as a hedge against inflation, driven by increasing US government spending, a national debt of $35 trillion, and inflationary pressures.

“If you are drawn to gold as an inflation hedge, you should value Bitcoin even more,” the analyst emphasized, citing Bitcoin’s limited supply as a key advantage.

Investment Alternatives

For those hesitant to invest directly in Bitcoin, Chhugani suggested considering shares of MicroStrategy, the largest corporate holder of cryptocurrency. He also mentioned crypto-focused investment opportunities available through Robinhood.

Additionally, Chhugani pointed to mining company stocks, such as Riot Platforms, CleanSpark, and Core Scientific, as promising options. He highlighted Core Scientific’s underappreciated position following an expanded $2 billion deal with CoreWeave, which secured the company 100% of its available AI computing capacity at 500 MW.

Current Market Position

At the time of publication, Bitcoin is trading at approximately $66,600, 10% below its peak in March but nearly 60% higher than its January levels.

Broader Market Context

In October, Bernstein analysts linked Bitcoin’s recent growth to increasing odds of Donald Trump winning the upcoming US presidential election. Similarly, Matrixport noted that their earlier forecast of $70,000 by the end of this year now seems overly cautious amid current market dynamics.