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Analysts from the investment firm Bernstein assert that Bitcoin will reach $150,000 by the end of the year, claiming that the current correction represents the weakest bear cycle in the history of the leading cryptocurrency.
In a client briefing, Gautam Chhugani, head of the firm’s analyst team, attributed the recent price decline to a crisis of confidence. He noted that none of the typical catalysts for past Bitcoin downturns have emerged at this time. There have been no significant disruptions, hidden liabilities, or systemic failures reported within the ecosystem. Conversely, there is substantial support for the asset from major corporations.
Among the primary factors for potential growth, Bernstein analysts highlighted the favorable stance towards cryptocurrencies from U.S. President Donald Trump, the successful launch of spot Bitcoin ETFs, increasing participation from corporate treasuries, and ongoing activity from large asset managers. They consider concerns regarding leveraged financing for corporate Bitcoin purchases and the potential capitulation of miners to be exaggerated.
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“Major Bitcoin holders have structured their obligations to withstand prolonged market downturns. For instance, a reevaluation of Strategy’s balance sheet would only be necessary if the price fell to $8,000 and remained at that level for five years. As for miners, they are actively diversifying their businesses, particularly by redirecting computational power to support AI data centers, thereby alleviating cost pressures associated with Bitcoin production,” the analysts stated in their report.
Regarding the threats posed by the advancement of quantum computing, Bernstein acknowledged the risks but does not view Bitcoin as uniquely vulnerable, as all critical digital systems will face similar challenges. Investment experts anticipate that all systems, including blockchains, will collectively transition to quantum-resistant standards. The open-source nature of Bitcoin and the active involvement of major investors enhance its ability to adapt alongside other financial and governmental systems, the investment firm emphasizes.
Just before Bitcoin’s drop to $60,000, Bernstein identified this price point as the bottom for the leading cryptocurrency.
