Bitcoin Wall Street brokerage Bernstein said in a note to clients on Tuesday that the company may have hit a bottom and is poised for further gains, and reiterated its year-end price target of $150,000.
“We believe Bitcoin has found its trough and is now heading higher,” analysts led by Gautam Chhugani wrote. At press time, the world’s largest cryptocurrency was trading at around $71,000.
The broker also maintained its bullish view on Bitcoin finance firm Strategy (MSTR), describing it as a high-beta proxy for Bitcoin with a “resilient, liquid and stress-tested” balance sheet. The company, led by executive chairman Michael Saylor, holds about 3.6% of the total Bitcoin supply, worth about $53.5 billion.
Bernstein has an outperform rating on Strategy with a $450 price target. The stock was unchanged in early trading at about $138.10.
Analysts also highlighted growing demand for Strategy’s preferred vehicle, STRC, which offers an 11.5% monthly dividend and lower volatility.
The report pointed out that STRC’s perpetual structure helps reduce equity dilution while providing long-term capital, and transaction volume has increased by 65% in the past three months.
After Bitcoin surged to an all-time high in late 2025, it has experienced a recent correction, with prices down 45% from its peak amid macro and market-driven pressures. Analysts pointed to a longer-term backdrop of higher interest rates, geopolitical risks related to the Middle East and intermittent exchange-traded fund (ETF) outflows as weighing on risk appetite.
The unwinding of leveraged positions and profit-taking by long-term holders accelerated the decline, triggering rounds of forced liquidations and exacerbating volatility.
Despite the magnitude of the correction, Bernstein analysts described the move as a temporary reset in sentiment rather than a breakdown in fundamentals, noting that there was no systemic stress common in previous cryptocurrency downturns.
On the macro front, analysts noted that Bitcoin has outperformed gold by 25% since the outbreak of the Iran conflict in late February, underscoring the cryptocurrency’s appeal as a portable, censorship-resistant asset during times of geopolitical stress.
Institutional demand remains a key driver. The broker noted that ETF flows are resilient and there is increasing participation from banks offering Bitcoin-related financial services.
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