TD Cowen Cuts Bitcoin 2026 Price Target to $97,500

TD Cowen analyst Lance Vitanza set a year-end 2026 Bitcoin price target of $97,500, implying about 25% upside from recent levels near $78,000. According to ChainCatcher, the firm also lowered its prior year-end 2026 base-case forecast from about $140,000 to about $100,000 and sharply reduced its more bullish long-term outlook. Vitanza said the downgrade was driven mainly by recent weakness in Bitcoin’s price, not by deterioration in the company’s fundamentals or market structure. TD Cowen said Bitcoin has traded recently in a range of about $58,400 to $78,000, after falling more than 50% from its previous high above $126,000, with monthly declines at one point exceeding 20%. TD Cowen still sees clearer regulation and inclusion in broader indexes as potential catalysts for a recovery. The firm also cut its price target on Strategy from $400 to $260 while keeping a Buy rating, saying the change followed its lower Bitcoin forecast rather than a shift in its view of Strategy’s operations or capital structure. In addition, TD Cowen initiated coverage of Strive, saying it expects the company to hold more than 271,000 BTC by the end of 2026 and assigning it a $32 price target, implying about 33% upside.