TD Cowen Cuts Year-End Bitcoin Price Target to $97,500

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Lance Vitanza, an analyst at U.S. investment bank TD Cowen, has lowered his year-end 2025 Bitcoin price target from $141,277 to $97,500. The new target still implies roughly 25% upside from the current level of around $78,000. He also cut his price target on Strategy from $400 to $260 while maintaining a “Buy” rating, attributing the revision primarily to the change in Bitcoin price outlook rather than any deterioration in the company’s business fundamentals. Additionally, TD Cowen initiated coverage on Strive, a Bitcoin-holding company, projecting it will hold more than 27,100 BTC by the end of 2026, with a price target of $32.

Key Elements

Lance Vitanza, an analyst at U.S. investment bank TD Cowen, has lowered his year-end 2025 Bitcoin price target to $97,500. While the new target still implies roughly 25% upside from the current trading level of around $78,000, it represents a substantial reduction from his previous forecast.

According to crypto media outlet Crypto Briefing, which reported the news on the 1st, Vitanza had previously projected Bitcoin would reach $141,277 by the end of 2025. He had also forecast a range of $177,000 to $225,000 for the 2026–2027 period. The new $97,500 target marks a significant cut from these earlier bullish projections.

Bitcoin has recently been trading in a range between $58,400 and $78,000, and the heavy overhead resistance appears to be a key factor behind the target reduction.

Strategy Price Target Also Cut from $400 to $260

Vitanza also lowered his price target on Strategy, the company with a massive Bitcoin treasury, from $400 to $260. He maintained a “Buy” rating on the stock, however.

In his view, the target revision reflects the change in Bitcoin price outlook rather than any deterioration in the company’s underlying business fundamentals. The lowered Bitcoin price forecast directly impacts the valuation of the company’s holdings and its future earnings prospects.

Initiating Coverage on Bitcoin-Holding Company Strive

TD Cowen simultaneously initiated coverage on Strive, a company that holds Bitcoin as a treasury asset. The firm is projected to hold more than 27,100 BTC by the end of 2026, with a price target of $32 set on the stock.

The trend of adding Bitcoin to corporate balance sheets, pioneered by Strategy, continues to gain momentum. The initiation of coverage on Strive signals growing investor interest in this cohort of companies.

Market Implications

The reduction in the year-end Bitcoin target could influence sentiment across the broader crypto market. Research reports aimed at institutional investors carry particular weight in shaping market participants’ positioning decisions, and target price revisions can at times trigger short-term selling pressure.

That said, the $97,500 level still implies roughly 25% upside from current prices, and while the bullish forecast has been scaled back, it continues to acknowledge meaningful room for appreciation. The fact that Strategy’s rating was kept at “Buy” also suggests that confidence in Bitcoin-related companies has not been entirely eroded.

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Source: finance.biggo.com