TD Cowen Sets Aggressive $140,000 Year-End Target for Bitcoin

TD Cowen, a unit of Toronto-Dominion Bank, has issued a bullish price target of $140,000 for Bitcoin by the end of 2026, suggesting the asset could nearly double from its current trading levels. Bitcoin is currently trading at $73,000, representing a 42% decline from its October all-time high of $126,000. Despite the recent downturn and the asset's struggle to decisively break above the $75,000 resistance level, the investment bank maintains an optimistic long-term outlook based on historical volatility and growth patterns. The bank's thesis relies on Bitcoin re-establishing its cachet as 'digital gold,' serving as a long-term store of value for global investors. However, this institutional optimism contrasts sharply with sentiment in prediction markets; data from Kalshi and Polymarket indicate only an 11% probability of the asset reaching the $140,000 mark within the year. Alongside the price target, TD Cowen has initiated research coverage on three publicly traded Bitcoin treasury companies, suggesting these entities have the potential to outperform the underlying cryptocurrency. While the bank views these companies as a strategic entry point, some analysts argue that direct exposure via exchanges or ETFs is preferable, noting that several treasury companies currently trade at a discount to their net asset value.