Key insights
- Bernstein analysts believe Bitcoin has bottomed and is poised to move higher, maintaining a $150,000 price target. Their rationale includes a stronger buyer base, the emergence of Bitcoin as a 'bank of last resort,' and a shift towards long-term holders after retail investors panic-sold. This bullish call contrasts with other Wall Street analysts who believe Bitcoin has not yet bottomed, creating potential upside for crypto-exposed US equities.
Yahoo Finance Senior Business Reporter Ines Ferre chats with Yahoo Finance Executive Editor Brian Sozzi to discuss Bernstein's recent call that bitcoin (BTC-USD) has bottomed, taking a closer look at bitcoin's recent market action.
It's been a morning of interesting calls, at least in my in my email inbox. Another one that caught my attention, uh Bernstein on Bitcoin.
Bernstein is saying that Bitcoin looks like it's bottommed. That is one big call because you're seeing Bitcoin at around 70,000, 71,000 right now. But what they're saying is is and they still have 150,000 uh price target by the way on Bitcoin. But they're saying, look, Bitcoin has outperformed, it has a stronger buyer base now. It has strategy which is like the bank of last reserve for for Bitcoin. It is uh it it is now you have long-term holders that are holding Bitcoin and the retail hands uh that panic sold. Uh well, now you have a stronger base. That's their thesis. There are other Wall Street analysts that are saying that Bitcoin has not bottomed yet, but Bernstein is saying it's going higher from here.