Bernstein: Bitcoin "parece haber tocado fondo", mantiene objetivo de precio de $150,000 a finales de año

Bitcoin recently fell below the $70,000 mark amid rising geopolitical risks and volatile energy prices. However, Bernstein, a Wall Street brokerage, believes that this correction has shown signs of “appearing to have bottomed out,” and that it is more like a deep correction within a bull market rather than a new structural collapse. Analysts point out that although the market remains influenced in the short term by Middle East tensions, oil prices, and risk asset sentiment, Bitcoin’s performance relative to gold and stocks remains resilient. In their latest research report to clients, Bernstein analysts stated that Bitcoin “appears to have bottomed out.” However, even when the price briefly dropped below $70,000, they still believe its performance amid this market volatility remains overall better than traditional assets like gold and stocks.

“We believe Bitcoin has already bottomed out and is now moving higher,” wrote Bernstein analyst Gautam Chhugani in the report.

Bernstein has not changed its medium- to long-term outlook due to short-term fluctuations, maintaining a target price of $150,000 for Bitcoin by the end of 2026. They expect this cycle to peak at $200,000 in 2027 and believe the market has already experienced a sufficiently deep flush, currently closer to the cycle bottom rather than the start of a new bear market. Latest prices rebound above $70,000, indicating buy-back after deep decline Although Bitcoin briefly fell below $70,000, at the time of writing, it has recovered to about $70,741.84, showing that after breaking key levels, there is still capital stepping in on dips. This also makes Bernstein’s view of a potential bottom more attention-grabbing. If the price can stay above $70,000, it will help reinforce the market’s view that this correction is nearing its end. Conversely, if it falls below again, it could test lower support zones. Bernstein states that in the past four weeks, Bitcoin ETFs have increased by $2.2 billion, reversing the outflows seen since the beginning of the year, with a net outflow of $364 million. The ETF assets under management amount to $90 billion. Currently, ETFs hold 6.1% of the total Bitcoin supply. Analysts point out that the behavior of long-term holders provides structural support. Data from Glassnode shows that 60% of Bitcoin supply has been idle for over a year. Since the outbreak of the Iran conflict, Bitcoin’s performance has outperformed gold by 25%.