Roger Ebert has written of the film's ending:

"There has been much discussion about the ending, in which we see newspaper clippings about Travis's 'heroism' of saving Iris, and then Betsy gets into his cab and seems to give him admiration instead of her earlier disgust. Is this a fantasy scene? Did Travis survive the shoot-out? Are we experiencing his dying thoughts? Can the sequence be accepted as literally true? ... I am not sure there can be an answer to these questions. The end sequence plays like music, not drama: It completes the story on an emotional, not a literal, level. We end not on carnage but on redemption, which is the goal of so many of Scorsese's characters."[7]

James Berardinelli, in his review of the film, argues against the dream or fantasy interpretation, stating:

"Scorsese and writer Paul Schrader append the perfect conclusion to Taxi Driver. Steeped in irony, the five-minute epilogue underscores the vagaries of fate. The media builds Bickle into a hero, when, had he been a little quicker drawing his gun against Senator Palantine, he would have been revealed as an assassin. As the film closes, the misanthrope has been embraced as the model citizen—someone who takes on pimps, drug dealers, and mobsters to save one little girl."[8]

On the Laserdisc audio commentary, Scorsese acknowledged several critics' interpretation on the film's ending being Bickle's dying dream. However, he admitted that the last scene of Bickle glancing at an unseen object implies that he might fall into rage and recklessness in the future, and he is like "a ticking time bomb."[9] Writer Paul Schrader confirms this in his commentary on the 30th anniversary DVD, stating that Travis "is not cured by the movie's end," and that, "he's not going to be a hero next time."[10]