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Optimism holds despite Bitcoin pullback… Bernstein reiterates $150,000 target for this year
Summary
- Bernstein said it reaffirmed its prior forecast that Bitcoin (BTC) could reach $150,000 by the end of this year.
- On-chain analysis said the MVRV around 0.8 and the $56,000–$60,000 range has historically marked the start of bull markets.
- Some analysts said if Bitcoin fails to regain the $70,000 level, further downside pressure and a bear-market phase could persist.
Forecast Trend Report by Period
Analysis suggests expectations for Bitcoin’s long-term upside remain intact despite a bearish trend in BTC.
According to cryptocurrency-focused outlet ZyCrypto on the 23rd, research and brokerage firm Bernstein reaffirmed its existing outlook that Bitcoin (BTC) could reach $150,000 by the end of this year. It said the selling pressure currently seen in the market represents a relatively mild correction compared with past episodes.
Citing historical cycles, Bernstein argued that sharp retracements after rallies are a natural pattern for Bitcoin. It noted that major corrections have repeated in each cycle—an 84% drop after the roughly $1,150 peak in 2013, a 77% decline after the $20,000 peak in 2017, and about a 70% pullback after the roughly $69,000 high in 2021. It emphasized, however, that such drawdowns have been temporary and later gave way to new upswings.
On-chain indicators also point to the possibility that Bitcoin may be approaching a key support zone. On-chain analyst Ali Charts said the market value to realized value ratio (MVRV) is nearing the 0.8 level, adding that this area has historically served as a launching point for bull markets. The zone is cited at roughly $56,000 to $60,000.
Broader risk-off sentiment is also being interpreted as a signal that the cycle may be near a bottom. Crypto Dan, an analyst at on-chain data firm CryptoQuant, said that based on realized price and profit-and-loss indicators, the current price sits just above a historically low region. Citing declining market participation and waning retail interest, he said that while it is a typical bear-market phase, such periods have historically functioned as accumulation windows.
Still, some warn of the risk of further downside in the near term. Crypto analyst Crypto Tony said that if Bitcoin fails to reclaim the $70,000 level, additional downside pressure could persist. He added that as long as it remains below $70,000, the conditions for further declines stay in place, and that the upswing also lacked a clearly defined driving structure.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
