PANews reported on March 25th, citing Bloomberg, that Bernstein Research believes Bitcoin may have bottomed out and could rise to $150,000 by the end of 2026. The firm argues that the cryptocurrency market is shifting from being dominated by retail speculation to being driven by institutional holdings and financing, with a maturing market structure that makes the current downturn less chaotic and could extend the current cycle. Bitcoin has fallen more than 50% from its all-time high of approximately $126,000 last October to around $70,000, but this has not triggered the cascading liquidations seen in previous cycles.

Bernstein points out that ETFs have shown resilience during the pullback, with outflows reversing and banks offering Bitcoin financial services opening new channels for institutional entry. Companies like Strategy have continued to increase their Bitcoin holdings through equity and preferred securities financing, buying at a rate exceeding new issuance and absorbing a significant incremental supply. High concentration of long-term holders, with over 60% of the supply dormant for more than a year, and ETFs holding approximately 6.1% of the Bitcoin supply, all provide support for price stability. Bernstein believes these trends challenge the view that Bitcoin's four-year cycle peaked in 2025 and predicts it could reach $200,000 by the end of 2027.