Investment bank TD Cowen has sharply cut its year-end bitcoin price target to $97,500 from the $140,000 range.

On Sept. 2, overseas reports from blockchain outlets including CoinPost and Crypto Briefing said TD Cowen analyst Lance Vitanza (랜스 비탄자) lowered his year-end outlook for bitcoin to reflect recent price weakness.

The new target was calculated on the assumption that bitcoin, trading around $78,000, could rise about 25 percent by year-end. Bitcoin has recently moved in a range of $58,400 to $78,000.

The target is about 30 percent below TD Cowen's previous base forecast for the end of this year of about $140,000. TD Cowen had previously forecast bitcoin could reach $141,277 at the end of 2025 and $177,000 to $225,000 in 2026 to 2027, but it sharply lowered its expectations to reflect recent weakness.

Vitanza said the downgrade reflected recent bitcoin price action and did not mean it judged individual company fundamentals or market structure had deteriorated. He cited regulatory clarity and broader inclusion in major stock indexes as factors that could still support a market recovery.

Price targets for companies holding bitcoin were also adjusted. TD Cowen cut its price target for Strategy to $260 from $400, while maintaining its investment rating at "buy". Strategy holds a large amount of bitcoin on its balance sheet, making its shares sensitive to bitcoin prices.

It raised its view on Strive. Strive bought about 1,800 BTC from Aug. 24 to 28, lifting total holdings to 23,156 BTC, and TD Cowen raised its price target for Strive to $32 from $28 while keeping a "buy" rating. It said the target implied about 33 percent additional upside.

Strive's expansion of bitcoin holdings was also presented as a key point to watch. TD Cowen said Strive's total bitcoin holdings would exceed 27,100 BTC by the end of 2026. Even during a period of bitcoin price adjustment, market assessments are diverging depending on each company's holding strategy and funding capacity.

The forecast revision lowers expectations for bitcoin prices while showing that differentiation is emerging among bitcoin-holding companies as well. While leaving open the possibility of a rebound in bitcoin, it was seen as assessing Strategy and Strive differently in terms of the pace of asset expansion and financial conditions.