Bitwise raised its 10-year Bitcoin price target to $1.6 million for 2036, up from a previous estimate of $1.3 million, according to its newly released "2027 Bitcoin Long-Term Capital Market Assumptions" report. The revised target implies a compound annual growth rate of 34.3%, significantly outpacing projected annualized returns of 6.7% for US equities and 10.8% for private equity over the same period. The asset manager expects institutional investors to allocate between 1% and 5% of their assets to Bitcoin over the next decade, representing $1.5 trillion to $7 trillion in potential demand. Bitwise also noted that Bitcoin's recent drawdown from its October 2025 high to its June 2026 low was approximately 50%, considerably shallower than the 86%, 84%, and 77% declines seen in previous market cycles. "We are more bullish on Bitcoin now than we were last year," said Matt Hougan, Chief Investment Officer at Bitwise.