TD Cowen reiterates a bullish medium-term outlook for Bitcoin, projecting it to reach approximately $225,000 by the end of fiscal 2027, with a potential upside scenario of $450,000. This forecast is driven by the anticipated growth in tokenization of real-world assets, which could significantly increase demand. The analysis assumes a 100-fold increase in tokenized assets and a 90% decline in their transaction velocity. However, the firm cautions that these projections depend on market evolving as expected and acknowledge recent forecasting inaccuracies. Policy developments, like the CLARITY Act, are also seen as potential catalysts, though political hurdles may cause delays. Bitcoin was trading at $65,422 at the time of publication.

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