What to know : Bernstein said bitcoin has bottomed and maintained its $150,000 year-end price target. Strategy continues to accumulate BTC, now holds ~3.6% of supply. The company's preferred equity, STRC, is gaining traction, easing dilution and supporting funding, the report said.
Bitcoin has likely found its bottom and is primed for further gains, Wall Street broker Bernstein said in a Tuesday note to clients, reiterating its $150,000 year-end price target.
"We believe Bitcoin has found its trough and is now heading higher," wrote analysts led by Gautam Chhugani. The world's largest cryptocurrency was trading around $71,000 at publication time.
The broker also maintained its bullish view on bitcoin treasury company Strategy (MSTR), calling it a high-beta proxy for bitcoin with a “resilient, liquid and pressure-tested” balance sheet. The firm, led by Executive Chairman Michael Saylor, holds roughly 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 shares were unchanged in early trading, around $138.10.
The analysts also highlighted growing demand for Strategy’s preferred instrument, STRC, which offers an 11.5% monthly dividend with low volatility.
STRC’s perpetual structure helps reduce equity dilution while providing long-term capital, with trading volumes rising 65% over the past three months, the report noted.
Bitcoin’s recent pullback comes after a sharp run-up to record highs in late 2025, with prices falling as much as 45% from the peak amid a mix of macro and market-driven pressures. Analysts point to a higher-for-longer interest rate backdrop, geopolitical risk tied to the Middle East and intermittent exchange-traded fund (ETF) outflows weighing on risk appetite.
The unwind of leveraged positions and profit-taking by long-term holders accelerated the decline, triggering bouts of forced liquidations and adding to volatility.
Despite the scale of the correction, Bernstein analysts characterized the move as a temporary reset in sentiment rather than a breakdown in fundamentals, noting the absence of systemic stress typically seen in prior crypto downturns.
On the macro side, the analysts noted bitcoin has outperformed gold by 25% since the onset of the Iran conflict at the end of February, underscoring the cryptocurrency's appeal as a portable, censorship-resistant asset during periods of geopolitical stress.
Institutional demand remains a key driver. The broker pointed to resilient ETF flows and increasing participation from banks offering bitcoin-related financial services.
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