Bitwise raises bitcoin price target to $1.6 million by 2036
The asset manager expects institutional demand and fixed supply to drive a 34 per cent annual growth rate over the next decade.
Key takeaways
- 1Bitwise raised its 2036 price target to $1,599,766.
- 2The firm projects a 34.3 per cent compound annual growth rate.
- 3Institutional portfolios worth $147 trillion could allocate up to 5 per cent to bitcoin.
- 4US spot bitcoin ETPs currently hold approximately $108 billion.
Bitwise Asset Management raised its 2036 base-case price target for bitcoin to $1,599,766 this week. The firm increased the forecast from $1.3 million a year ago, according to its 2027 Long-Term Capital Market Assumptions report. The new projections include a bear case of $130,686 and a bull case of $3.67 million over the next decade.
This target implies a compound annual growth rate of 34.3 per cent from the price of roughly $83,557 recorded on 30 September. The forecast rests on institutional investors adding bitcoin to their portfolios as government debt rises. Bitwise estimated that institutions managing $147 trillion could allocate between 1 per cent and 5 per cent of their assets to the cryptocurrency.
This would represent between $1.5 trillion and $7.4 trillion in new purchases against a fixed supply schedule. Bitcoin traded at $80,429 on Wednesday afternoon, according to YourKhabri data. The asset fell 53.4 per cent between its October 2025 peak of $126,080 and a low of $58,717 in June 2026.
Bitwise described this as the shallowest drawdown in the history of the asset, noting that previous cycles saw declines of more than 77 per cent. The report also identified risks to this growth, including the failure of the Clarity Act in the US Congress. Bitwise said that technological advances in quantum computing and artificial intelligence could eventually threaten the cryptography used to secure wallets.
The firm said the network would eventually require a significant upgrade to protect holders from these threats. Bitcoin’s correlation with gold reached a record 0.58 in September, which the firm said positions it as a store of value. Other analysts remain divided on the immediate outlook, with Cathie Wood stating the market is nearly through its downturn while NYDIG previously stated prices could fall toward $38,000.
Institutional infrastructure is already expanding, and US spot bitcoin ETPs hold about $108 billion. Bitwise reported that sovereign wealth funds and family offices bought assets during the 2026 price decline. A Federal Reserve proposal aimed at easing bank custody rules could further widen access for large institutions if adopted.
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