TD Cowen sets $97,500 year-end Bitcoin price target, 25% upside

TD Cowen has put a number on where it thinks Bitcoin ends the year: $97,500. That implies roughly 25% upside from the $78,000 level the asset was recently trading near, and it comes packaged with a significant asterisk: the bank is simultaneously walking back targets it set not long ago that were far more optimistic. Analyst Lance Vitanza is the name behind the revised call. Bitcoin has been trading in a range of $58,400 to $78,000, with monthly drawdowns exceeding 20% and a pullback of more than 50% from prior highs above $126,000. In that context, a $97,500 target is less a bold bet and more a calibrated expectation that the market stabilizes and recovers without recapturing previous peaks by December. What changed and by how much The bank had previously projected Bitcoin would hit $141,277 by the end of 2025 and reach somewhere between $177,000 and $225,000 in the 2026-to-2027 window. Those numbers have been compressed substantially. The updated base-case projection for year-end 2026 now sits at approximately $100,000, down from a prior estimate around $140,000. Vitanza’s note attributes the revisions to recent price weakness rather than any company-specific or structural deteri...