Bernstein claimed that the current market correction presents a strategic buying opportunity for investors and reiterated his 12-month Bitcoin price target of $200,000.
In a market analysis note, Bernstein analysts suggested that a BTC ($87,346.63) price drop below $80,000 could provide an attractive entry point for investors looking to capitalize on the ongoing bull cycle. The firm remains confident in its bullish outlook and views the correction as temporary rather than a trend reversal.
“If sentiment continues to weaken, we believe price levels below $80,000 will present an attractive risk-reward opportunity for investors looking to position for new cycle highs over the next 12-18 months,” Bernstein analysts wrote.
The research note described the current price pullback as “another opportunity to participate in this cycle.”
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Bernstein analysts believe that BTC has yet to reach its cycle high, and predict a potential price level of $200,000 within the next 12 months. Their long-term thesis is based on Bitcoin developing as a “digital gold” asset class, along with increasing institutional and sovereign demand.
Bitcoin has been range-bound in recent weeks, but has fallen sharply by over 7% in the past 24 hours, dropping below $87,000. Bernstein attributes the recent decline to several key factors, including the aftermath of the $1.5 billion hack of Bybit, one of the five largest offshore cryptocurrency exchanges. In addition, market volatility has been exacerbated by the controversy surrounding the Libra token, which has the backing of Argentine President Javier Milei.
“However, we believe the BTC market is following broader equity risk-on sentiment driven by macro concerns about persistently high interest rates amid fears of the government turning deflationary with its DOGE ($0.21) program,” the analysts wrote.
*This is not investment advice.
Continue Reading: Bitcoin Is Bleeding – Bernstein Analysts Share Their Latest Insights and Forecasts creator solana token
