Bitcoin Price Prediction by Bernstein

Analysts at research and brokerage firm Bernstein claimed their current $200,000 bitcoin price prediction for the end of 2025 is “conservative,” urging skeptics to reconsider the limited supply of cryptocurrency amid record U.S. debt levels.

“Bitcoin is going to $200,000 this cycle (2025 end),” Bernstein digital assets lead Gautam Chhugani wrote in a message to clients on Wednesday. “We are being conservative.”

This follows the release of Bernstein’s Bitcoin Blackbook, designed to make the cryptocurrency accessible and investible to institutional investors.

“If you are a Bitcoin skeptic … maybe, a limited supply, 'store of value' digital asset is not such a bad thing in a world where U.S. debt hits new records ($35 trillion now) and threats of inflation still loom. If you like gold here, you should love bitcoin even more,” Chhugani said.

For investors not interested in taking a bitcoin position directly, the analyst suggested shares in MicroStrategy, the world’s largest bitcoin corporate treasury holder, and Robinhood, which is expanding its crypto services, as alternatives for indirect exposure.

Chhugani also highlighted the potential of U.S.-listed companies like Riot Platforms and CleanSpark, which are consolidating gigawatts of power for bitcoin mining, as well as AI diversifiers like Core Scientific, which leverage demand for AI hosting services while also managing bitcoin mining operations.

Bitcoin is currently trading for $66,393, according to The Block's Bitcoin Price Page, down around 10% from an all-time high of nearly $74,000 set in March but up 57% year-to-date.

Core Scientific Undervalued Amid $2 Billion CoreWeave Extension

On Wednesday, Bernstein analysts argued that Core Scientific remained undervalued after announcing a $2 billion extension to its hosting deal with AI hyperscaler CoreWeave. CoreWeave exercised its option to add approximately 120MW to its AI data center hosting agreement with the bitcoin miner, bringing total capacity to around 500MW, equating to 100% of Core Scientific’s total capacity for high-performance computing and valuing the contract at $8.7 billion over 12 years.

“It is now time for the market to give CORZ the right valuation for its AI business,” the analysts stated, rating the company as outperform, with a price target of $17. Core Scientific closed up 6.9% on Tuesday at $13.72, and has gained 147% year-to-date.