Bernstein, the research arm of AllianceBernstein, declares Bitcoin has found its cycle bottom and reiterates a $150,000 year-end price target-more than double current levels near $70,000.
The call, led by analyst Gautam Chhugani, follows a sharp 50% correction from Bitcoin’s October 2025 peak of $126,279. Unlike past bear markets, this downturn saw no exchange collapses or systemic failures-only leveraged trader liquidations triggered by geopolitical tensions after U.S.-Israeli strikes on Iran in late February.
U.S. spot Bitcoin ETFs, approved in early 2024, have absorbed $56 billion in net inflows. They posted four straight weeks of inflows in March 2026, totaling over $2 billion, with combined assets now at $90 billion-6.4% of Bitcoin’s market cap.
Public companies hold more than 1 million Bitcoin, or 5.6% of the fixed supply. Strategy-formerly MicroStrategy-remains the largest corporate holder with 762,099 coins. Bernstein maintains an outperform rating on Strategy shares with a $450 price target, implying 220% upside from recent levels near $138.
Bitcoin has outperformed gold by 25% since late February, reinforcing its role as a portable, censorship-resistant store of value during geopolitical stress. Over 60% of Bitcoin’s supply is now held by long-term investors, reducing sell pressure in drawdowns.