TD Cowen cuts its year-end Bitcoin price target to $97,500 and lowers its price target for Strategy to $260.

TD Cowen analyst Lance Vitanza has set Bitcoin’s year-end 2026 target price at $97,500, representing roughly 25% upside from its recent level of around $78,000. Meanwhile, TD Cowen cut its prior year-end 2026 base forecast of ~$140,000 to ~$100,000, and significantly lowered its previously more optimistic long-term outlook. Vitanza noted the revision stems primarily from recent Bitcoin price weakness, not a deterioration in company fundamentals or market structure. Currently, BTC trades in a recent range of approximately $58,400 to $78,000, with a maximum drawdown of over 50% from its prior peak above $126,000, and monthly drawdown once exceeded 20%. A clearer regulatory landscape and inclusion in broader indices remain TD Cowen’s identified potential catalysts for market recovery. For Strategy, TD Cowen trimmed its target price from $400 to $260 but retained a "Buy" rating. The adjustment is driven by the downward revision to Bitcoin’s price forecast, not a change in views on Strategy’s operational performance or capital structure. Separately, TD Cowen initiated coverage on Strive, projecting the firm will hold over 27,100 BTC cumulatively by the end of 2026, and assigned a $32 target price, implying roughly 33% upside.