Bitwise raises 2036 Bitcoin target to $1.6 million

Bitwise Asset Management raised its base-case price target for Bitcoin to $1,599,766 by 2036, up from a previous estimate of $1.3 million. The firm projects a 34.3% compound annual growth rate starting from a September 30, 2026 price of approximately $83,557. Its bear case forecast stands at $130,686, while the bull case reaches $3.67 million. The report notes that Bitcoin’s price is currently near $80,500.

The analysis suggests that institutions controlling about $147 trillion could allocate 1% to 5% of their portfolios to Bitcoin. This shift could result in $1.5 trillion to $7.4 trillion in purchases, offsetting the network’s issuance of about $14 billion in new coins per year. U.S. spot Bitcoin ETPs currently hold about $108 billion. Bitwise describes the recent 53.4% decline from the October 2025 peak as the shallowest in Bitcoin’s history, compared to prior drops of 77%, 84%, and 86%.

A Federal Reserve capital proposal aimed at easing bank custody rules could widen access for large institutions if adopted. Bitwise models a 27.8% average volatility over the decade, though Grayscale recently estimated one-year volatility at 43%. The correlation between Bitcoin and gold reached a record 0.58 in September 2026. The firm cautions that forecasts built on history carry uncertainty because future returns may differ from the past.