Bitcoin Has Likely Bottomed as Strategy Shows Resilience Amid Plunge: Bernstein
Bernstein analysts assert that Strategy (formerly MicroStrategy) has demonstrated resilience during the recent crypto bear market, strengthening its position as the largest corporate holder of Bitcoin. Despite Bitcoin’s fall from an all-time high of $126,000 in October to $63,000 last month, analysts see the asset as having likely bottomed and forecast a rise to $150,000 by year’s end. Market sentiment remains divided, with prediction markets split on whether Bitcoin will next rise to $84,000 or fall to $55,000. Strategy has increased its Bitcoin holdings by about 86,000 this year, reaching a total of 762,099 ($53.2 billion in value), placing it on track for its second-largest quarterly acquisition since 2020. The company’s STRC dividend-paying product enables continued aggressive Bitcoin purchases without diluting shareholders. Bernstein reiterates an “Outperform” rating and $450 price target, despite shares falling 58% in six months. They argue Bitcoin’s market structure is maturing with the arrival of ETFs, resulting in a more resilient capital base and positioning Strategy as a “Bitcoin bank of last resort.”
