@BernsteinGautam
Lead analyst for digital assets at Bernstein, a Wall Street research and broking firm. On 27 April his team said the drop to $60,000 was a clear bottom and that the best days of crypto were ahead; Bitcoin fell to $58,566 on 1 July. On 8 June, at $63,274, the team stayed bullish and Bitcoin rose 36.9% by 22 September. On 26 August he moved the $150,000 target to mid-2027 and set about $125,000 for the end of 2026. Bitcoin is lower than on that day.
In short. Gautam Chhugani leads digital assets research at Bernstein and posts on X as @BernsteinGautam. On our sample of three dated calls from his client notes, the record is 1 played out, 1 open, 1 went against. His year-end Bitcoin target was $150,000 until August, when he lowered it to about $125,000.
Chhugani's X bio reads “Managing Director and Senior Analyst, Global Digital Assets at Bernstein”. His X location is London, and he joined X in November 2020. He rarely posts there; his views reach the public through Bernstein client notes that the press quotes.
Bernstein's notes are written by a team that he leads. We chart only sentences that a news outlet attributes to him by name. On 6 July, Decrypt quoted the team calling the $150,000 year-end target “ambitious”, but did not name him, so that note is not charted.
A past miss, before our window: in August 2025 Yahoo Finance reported that he and his team saw a Bitcoin cycle peak between $150,000 and $200,000 within six to 12 months. Bitcoin peaked at about $126,000 in October 2025, then fell by about half.
In March 2026, before our price window starts, CoinDesk reported that Bernstein called the Bitcoin bottom and kept a $150,000 year-end target. That target was repeated in the notes of April, June and July.
Sources: finance.yahoo.com (TheStreet, Investing.com, Decrypt) · coindesk.com · cointelegraph.com · x.com/BernsteinGautam
Cycle models and flows. Chhugani's notes compare Bitcoin's price with the cost of mining a coin, track ETF and company buying, and follow Strategy, the largest corporate holder. He sets year-end and multi-year targets. He also covers listed crypto companies such as Strategy, Coinbase, Robinhood and Bitcoin miners. The notes say “we”, for the Bernstein team.
Bullish on Bitcoin in every note we read. When price fell, his team kept the target and called it “ambitious”, then moved it out in time rather than turning bearish.
Three dated calls from Bernstein notes led by Gautam Chhugani, each quoted word for word from a news report that names him, and charted against real price. The tally is 1 played out, 1 open, 1 went against.
“Following our price-to-marginal cost framework, we would expect the next market peak to be $300K by CY2029E and the market recovering to new all-time high of $150,000 by mid-2027E”
Said at $78,511. The same note set about $125,000 for the end of 2026, as reported by TheStreet and Cointelegraph. Bitcoin dipped to $75,590 (−3.7%) on 16 September, rose to $86,597 (+10.3%) on 22 September and is at $75,929 (−3.3%). Reaching $125,000 by December would take a rise of about two thirds in under two months. Open.
Source“the market recovering to new all-time high of $150,000 by mid-2027E” — Gautam Chhugani, Bernstein↗ finance.yahoo.com“Bitcoin still may offer some diversification from the unusual singular AI driven momentum markets we have experienced this year”
Said at $63,274, with Bitcoin down about half from its record. The note kept the long-term store-of-value case and the $150,000 year-end target. Bitcoin fell to $58,566 (−7.4%) on 1 July, then rose to $86,597 (+36.9%) on 22 September. It is at $75,929 (+20.0%). Staying bullish near the low worked, though the $150,000 target was later lowered. Played out.
Source“Bitcoin still may offer some diversification” — Gautam Chhugani's team, Bernstein↗ coindesk.com“The best days of crypto are ahead which will reflect in a higher and structurally longer crypto bull cycle”
Said at $78,638. TheStreet reported that the note saw the drop to $60,000 as a clear bottom. Bitcoin's first daily mark under $60,000 was $59,727 on 26 June, and it fell to $58,566 (−25.5%) on 1 July. It later rose to $86,597 (+10.1%) on 22 September and is at $75,929 (−3.4%). The floor broke, though only by about 2%, and price is below the call. Went against.
Source“The best days of crypto are ahead” — Gautam Chhugani, Bernstein↗ sg.finance.yahoo.comOutcomes are our read of the stated claim against real price, not the author's own scoring. Each quote is from the news report linked on its card. Each call is measured from the daily CoinGecko mark on the day of the note. The 8 June note was reported by CoinDesk on 9 June as “the Monday report”. Notes by the team that no outlet tied to him by name are not charted. The $150,000 year-end target repeated in April, June and July is not graded on its own card, because he lowered it on 26 August. A call with no deadline stays open until price settles it.
Chhugani's notes go to Bernstein's paying clients; the press quotes parts of them. Here is how his research is paid for.
His notes are written for Bernstein's institutional clients, and the full notes are not public. We quote only what news outlets reported.
He covers listed companies whose shares rise with Bitcoin. On 26 August he kept an Outperform rating on Strategy and cut its target from $450 to $350, as Investing.com reported. A higher Bitcoin forecast lifts the case for these stocks.
We did not find a public statement of his own crypto holdings. Bernstein research reports carry their own disclosures, which we could not read.
“The best days of crypto are ahead”
27 Apr 2026 · went against“Bitcoin still may offer some diversification”
8 Jun 2026 · played out“new all-time high of $150,000 by mid-2027E”
26 Aug 2026 · openQuotes transcribed from his own public sources; stated views, not recommendations.
Chhugani's views reach the public through Bernstein client notes quoted by the press. We found no YouTube channel or newsletter of his own.
Managing director and senior analyst for global digital assets at Bernstein, a Wall Street research and broking firm. He leads its crypto research and posts on X as @BernsteinGautam, with about 1,350 followers.
On 26 August 2026 his note set about $125,000 for the end of 2026, $150,000 by mid-2027 and about $300,000 by 2029, as reported by Investing.com, TheStreet and Cointelegraph. Before that, the year-end 2026 target was $150,000.
On our sample of three dated calls from April to August 2026: one played out, one is open, one went against. His team stayed bullish at $63,274 on 8 June, before a 36.9% rise. The $60,000 floor his April note described broke on 26 June.
It compares Bitcoin's price with the cost for the least efficient miners to produce a new coin. Bernstein assumes the ratio moves the same way in each four-year cycle and uses it to set targets.
Not publicly known, and no credible figure exists. Ignore any specific number you see attached to the name.
Chhugani sets long-range targets from cycle models. How close is your instinct? Measure it for real with a Trader Passport.
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Informational and educational analysis based strictly on publicly available materials: news reports quoting Bernstein notes by Gautam Chhugani and the sources linked on each call. Not financial or investment advice. Figures are approximate and change constantly. Spotted an error, or are you Gautam? Submit a correction →
Verified handles · Sources cited above · Scoring methodology · Updated 6 November 2026
