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Bitcoin recovers from initial drop, reaching $70,000 as Bernstein reaffirms $150,000 forecast.
"What we are witnessing is the weakest bitcoin bearish scenario in its history," stated Gautam Chhugani from Bernstein.
Bulls are gaining momentum in U.S. afternoon trading (Midjourney/Modified by CoinDesk)
Key points:
- During early afternoon U.S. trading, bitcoin has risen more than 3% from the day’s low to reach $70,800.
- Wall Street firm Bernstein reaffirmed its year-end price target for BTC at $150,000.
- Stocks associated with cryptocurrency showed gains across the board, led by a 14% increase for Bullish (BLSH) and an 8% rise for Galaxy Digital (GLXY).
Breaking from a typical pattern, bitcoin is experiencing an upward trend during the U.S. session, advancing to $70,800 after dipping to slightly above $68,000 earlier in the day.
Bitcoin has increased by 0.5% in the last 24 hours, with ether , XRP and solana nearing a 1.5% increase over the same period.
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On Monday, risk assets are predominantly performing well, with the Nasdaq rising by 1% and the S&P 500 increasing by 0.5%. Gold has advanced by 1.9% to $5,075 per ounce, while silver is up 7.4% to $82.50 per ounce.
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"What we are witnessing is the weakest bitcoin bearish scenario in its history," mentioned Bernstein’s Gautam Chhugani, reaffirming the firm’s $150,000 year-end price projection for bitcoin.
"When all factors align, [the] Bitcoin community creates a self-inflicted crisis of confidence," Chhugani added. "Nothing collapsed, no secrets will surface; [the] media is once again prepared to write an obituary."
"Time," remarked Chhugani, "remains a flat circle on Bitcoin."
On a more technical note, Schwab’s Jim Ferraioli indicated that observing bitcoin miners can be useful in determining when a bottom may occur.
“Historically, selloffs have typically bottomed around bitcoin’s production costs,” stated Ferraioli. “Miners utilizing less efficient equipment often pause operations temporarily … We can monitor this in real time by observing mining difficulty adjustments — as more miners exit the network, difficulty decreases. A rise in difficulty again is confirmation that the bottom could be in place.”
Indeed, CoinDesk previously reported that bitcoin mining difficulty recently experienced its most significant drop since 2021 as some miners capitulated to declining prices.
Crypto stocks see upward movement
Crypto platform Bullish (BLSH) is leading the sector on Monday with a 14.2% increase. Other notable gainers include Galaxy Digital (GLXY), rising by 8.2%, and Circle Financial (CRCL), up 5.1%. Strategy (MSTR) has increased by 3%, while Coinbase (COIN) is up 1%.
Bitcoin miners who have transitioned to AI infrastructure are also experiencing substantial gains as Morgan Stanley commenced positive coverage on TeraWulf (WULF) and Cipher Mining (CIFR) — both have increased by 14%. Hut 8 (HUT), IREN (IREN), and Bitfarms (BITF) have each risen by approximately 7%.
