TD Cowen Lifts Long-Term Bitcoin Forecasts to $109,000 for 2026 and $280,000 by 2029

TD Cowen has raised its long-term projections for Bitcoin, projecting the cryptocurrency to reach approximately $109,000 by the end of 2026 and $280,000 by 2029. Analyst Lance Vitanza based the multi-year target on expected annual appreciation of 20% to 30%. The revised year-end forecast reverses a September cut to $97,500 after Bitcoin closed the third quarter near $76,000, surpassing earlier model expectations. Meanwhile, TD Cowen maintained its $260 price target on Strategy (MSTR), noting that ongoing equity dilution from share issuance offsets the upside from higher Bitcoin valuations.