Bernstein: Bitcoin "appears to have bottomed out," maintains a year-end target of $150,000

Bitcoin recently fell below the $70,000 mark amid rising geopolitical risks and volatile energy prices. However, Bernstein, a Wall Street brokerage, believes this correction has shown signs of “bottoming out,” and is more like a deep correction within a bull market rather than the start of a new structural collapse. Analysts point out that although the short-term market remains influenced 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.” Even though the price briefly dipped below $70,000, they believe its overall performance during this market turbulence remains 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 volatility, maintaining a target price of $150,000 by the end of 2026. They expect the cycle to peak at $200,000 in 2027 and believe the market has experienced a sufficiently deep washout, currently closer to the cycle bottom rather than the start of a new bear market.

Latest prices rebound above $70,000, indicating buy-in after deep dip
Although Bitcoin briefly fell below $70,000, at the time of writing, it has recovered to approximately $70,741.84, showing that there is still buying interest at lower levels after breaking through a key support level.
This has increased market attention on Bernstein’s view that a bottom has been reached. If the price can hold steady above $70,000, it will reinforce the view that this correction is nearing its end. Conversely, if it falls below again, it could test lower support levels.

Bernstein also noted that over the past four weeks, Bitcoin ETFs have added $2.2 billion, reversing the outflows seen earlier this year, with a net outflow of $364 million. The total ETF assets under management are $90 billion, representing 6.1% of the total Bitcoin supply held by ETFs. Analysts highlight that long-term holders provide structural support. Data from Glassnode shows that 60% of Bitcoin supply has been idle for over a year. Since the Iran conflict erupted, Bitcoin has outperformed gold by 25%.