Bernstein declares "Bitcoin has bottomed out!" He reiterates his year-end price target of $150,000: This is the weakest bear market in history.

Following repeated shocks to the crypto market, Wall Street investment bank Bernstein has offered an extremely optimistic assessment. In a client briefing released on Tuesday, a team of analysts led by Gautam Chhugani clearly stated : "We believe Bitcoin has found its bottom and is now poised to break upwards."

Reiterating the $150,000 target: The pullback is merely a "sentiment reset".

After reaching an all-time high at the end of 2025, Bitcoin's price fell by 45% due to multiple pressures, including a high-interest-rate environment, Middle East geopolitical risks, and ETF outflows. While the drop is significant, Bernstein emphasizes that this is fundamentally different from past Crypto Winter:

• No systemic pressure: This adjustment did not result in the institutional collapse or systemic financial risk that are common in the past.
• Leverage liquidation: The decline was mainly due to profit-taking by long-term holders and forced liquidation of leveraged positions.
• Safe-haven resilience: Since the outbreak of the conflict in Iran at the end of February, Bitcoin has outperformed gold by 25% , highlighting its unique appeal as a "censorship resistant asset".

Strategy (MSTR) is rated "Outperform" with a target price of $450.

In addition to Bitcoin itself, Bernstein remains extremely bullish on Strategy, which holds approximately 3.6% of the global supply (worth about $53.5 billion), viewing it as a high-beta proxy for Bitcoin.

Analysts specifically mentioned Strategy's preferred stock instrument, STRC . This perpetually structured instrument not only reduces equity dilution but also provides the company with long-term capital support. Due to its low volatility and high dividend characteristics, market demand for STRC is growing rapidly.

Institutional demand is the core of the rebound.

Looking ahead, Bernstein believes institutional demand will remain the core driver of price increases. In addition to resilient ETF inflows, a growing number of banks are offering Bitcoin-related financial services, which will provide the necessary liquidity support for Bitcoin's path to $150,000 .

"Bitcoin has hit the trough and is now moving towards higher targets."

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