Bernstein reaffirmed its $150,000 year-end Bitcoin (CRYPTO: BTC) price target, despite a 45% drawdown from October highs, calling the selloff the “weakest bear case in history.”
The Three Bullish Pillars
Bernstein analysts led by Gautam Chhugani listed three reasons for their conviction.
First, Strategy (NASDAQ:MSTR) keeps buying despite widespread chaos among other Bitcoin treasury firms and shorts piling into the stock. The company now holds roughly 3.6% of total Bitcoin supply worth about $53.5 billion.
Second, investors continue buying Bitcoin ETFs. ETFs added $2.2 billion over the last four weeks, with more long-term allocations from wealth managers, pension funds, and sovereign funds.
Third, long-term holders haven’t sold despite the 45% drawdown. Bitcoin holders inactive for more than one year represent 60% …