TD Cowen raises Bitcoin price target to $280,000 by 2029

TD Cowen has raised its long-range Bitcoin forecast, setting a 2029 price target of $280,000. The numbers behind the call On October 8, 2026, TD Cowen revised its year-end 2026 Bitcoin projection to approximately $109,000. That reverses a downgrade the firm made in September, when it cut its 2026 target to $97,500 after the price slipped. The catalyst, per the firm, was Bitcoin’s third quarter. It closed Q3 2026 around $76,000, beating some of the assumptions TD Cowen had built into its earlier models. Analyst Lance Vitanza’s longer-term math rests on steady annual gains. He estimates Bitcoin could appreciate by 20% to 30% annually, and the $280,000 target for 2029 follows from that range. The firm also kept its price target on Strategy (MSTR) at $260. That held steady even as the Bitcoin outlook improved. Why the treasury company angle matters TD Cowen pointed to capital markets structures tied to Bitcoin treasury companies as a growing trend, noting that institutional attitudes have shifted toward exposure strategies rather than simply buying and holding coins. TD Cowen quantified that view. The firm expects potential 50% outperformance for well-managed Bitcoin treasury companies...