Research firm Bernstein believes that Bitcoin has hit a cycle bottom and maintains its $150,000 year-end price target. They describe the current drawdown as the weakest bear case in Bitcoin’s history, attributing it to a temporary confidence crisis rather than structural issues. The firm highlights institutional flows and a supportive policy environment as key factors in Bitcoin’s resilience. Strategy (formerly MicroStrategy) continues to accumulate Bitcoin at low prices, holding around 3.6% of the total supply. On-chain data suggests potential for a major rally. Analysts differ in their views on Bitcoin’s future price movement, with Bernstein remaining bullish with a $150,000 target for 2026 and $1 million by 2033.

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