Bernstein’s Bitcoin thesis is getting interesting. 👀 They now see $BTC at $125K by year-end, with a longer-term path toward $150K by mid-2027 and $300K by 2029. The key argument isn't simply “Bitcoin will pump.” It's the debasement thesis: governments are carrying huge debt loads, while the era of falling interest rates may be over. If investors increasingly look for scarce assets, Bitcoin becomes part of that trade. What makes the thesis interesting is the institutional side. This cycle's drawdown was significantly smaller than previous major Bitcoin cycles, while ETF and institutional access have changed the market structure. But a $125K target still requires a lot of things to go right. Liquidity needs to remain supportive, ETF demand needs to continue, and Bitcoin needs to hold its recent momentum. So I wouldn't treat Bernstein's target as a prediction. I'd treat it as a bullish scenario built around a changing macro environment. The real question: Has Bitcoin matured enough that the next cycle can be driven by institutional demand rather than retail euphoria? 👀 $BTC