Odaily星球日报讯 伯恩斯坦重申继续维持其 20 万美元的比特币价格目标，认为当前价格调整中存在潜在的买入机会，其研究报告将当前的价格回调描述为“参与这一周期的另一个机会”，并重申了他们对比特币市场结构的看涨立场。伯恩斯坦还指出，比特币尚未达到周期高点，预计未来 12 个月内可能会接近 20 万美元大关。他们对比特币的长期预测基于一个简单的论点：“受机构和主权需求加速推动，比特币将成为蓬勃发展的‘数字黄金’资产类别。”（TheBlock）

Odaily星球日报讯 伯恩斯坦重申继续维持其 20 万美元的比特币价格目标，认为当前价格调整中存在潜在的买入机会，其研究报告将当前的价格回调描述为“参与这一周期的另一个机会”，并重申了他们对比特币市场结构的看涨立场。伯恩斯坦还指出，比特币尚未达到周期高点，预计未来 12 个月内可能会接近 20 万美元大关。他们对比特币的长期预测基于一个简单的论点：“受机构和主权需求加速推动，比特币将成为蓬勃发展的‘数字黄金’资产类别。”（TheBlock）

伯恩斯坦重申继续看涨比特币，并维持其20万美元的目标价格

Odaily reports that Bernstein has reiterated its $200,000 Bitcoin price target, believing that the current price correction presents a potential buying opportunity. Their research report described the current price pullback as "another opportunity to participate in this cycle," and they reaffirmed their bullish stance on the Bitcoin market structure. Bernstein also noted that Bitcoin has not yet reached its cycle high and could approach the $200,000 mark within the next 12 months. Their long-term outlook for Bitcoin is based on a simple premise: "Driven by accelerating institutional and sovereign demand, Bitcoin will become a thriving 'digital gold' asset class." (<TheBlock>)

Odaily reports that Bernstein has reiterated its $200,000 Bitcoin price target, believing that the current price correction presents a potential buying opportunity. Their research report described the current price pullback as "another opportunity to participate in this cycle," and they reiterated their bullish stance on the Bitcoin market structure. Bernstein also noted that Bitcoin has not yet reached its cycle high and could approach the $200,000 mark within the next 12 months. Their long-term outlook for Bitcoin is based on a simple premise: "Driven by accelerating institutional and sovereign demand, Bitcoin will become a thriving 'digital gold' asset class." (<TheBlock>)

Bernstein reiterates continued bullishness on Bitcoin and maintains its $200,000 price target

Here is the English translation:

In the past few months, BTC has been fluctuating around $100,000. Currently, it has even fallen below $90,000. Some people suspect that the bull market has ended, but it's time to recharge the faith.

I am more inclined to believe that this is the final dip.

The twilight witnesses the true believers.

BTC reaching $100,000 is a certainty and a starting point. I have always believed that BTC is a risk-free, stable-yielding asset, but BTC will not stop here, and traditional financial capital will not be so narrow-minded.

At this moment, we need to know where we are now and where we are heading in the future.

Extending the time dimension, here we will review 20...

Is $100,000 Bitcoin the end or the beginning?

Odaily reports that the liquidation risk for Bitcoin longs below $85,000 exceeds $1 billion, and the sharp volatility may signal a retest of the $81,000 support level. Bitget Research chief analyst Ryan Lee said that the decline in crypto investors' risk appetite is the main reason for the current sell-off, with Bitcoin price fluctuating in a consolidation range and falling to the $89,000 level, and shorts also retracing below the support level. If the bearish behavior continues, it may test the next support levels around $86,000 and $81,000. GRVT co-founder and CEO Hong Yea said, "The $85,000 price level is crucial, and if BTC breaks below that support, it may trigger further downside."

Analyst: If BTC falls below the $85,000 support level, it may face the risk of free fall to $81,000

Odaily reported that QCP Capital posted on its official channel that Bitcoin finally fell below $90,000 within a month, and is currently hovering below that level, triggering over $200 million in liquidations in the past few hours. With Trump's decision to impose tariffs on Canada and Mexico and restrict Chinese investment, market sentiment remains under pressure. As Bitcoin prices have fallen, short-term option hedging activity has increased, with the 1-month implied volatility now back above 50, while option skew has interestingly remained largely unchanged. Macroeconomically, while data previously seen as causing broader market weakness has emerged, stocks, fixed income and gold markets have largely digested these impacts, while Bitcoin has remained range-bound. The rise in Bitcoin's market share and the decline in Altcoin prices indicate that Altcoin longs may already be fully positioned, and any new dollar inflows are only flowing into Bitcoin. We remain cautious. Recent Bitcoin demand has been primarily driven by institutions like Microstrategy and Metaplanet, which are raising funds through the issuance of stock-linked notes. Given that crypto-related issuances have accounted for about 19% of total issuance over the past 14 months, this financing market may be approaching saturation, and if the spot market remains depressed, it could dampen institutional demand.

Bernstein reiterates continued bullishness on Bitcoin and maintains its $200,000 price target

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