Bernstein Reiterates Continued Bullishness on Bitcoin and Maintains Its $200,000 Price Target

Bernstein reiterates that it continues to maintain its $200,000 price target for bitcoin and sees potential buying opportunities in the current price correction, describing the current price pullback as ‘another opportunity to participate in the cycle’ and reiterating their bullish stance on the structure of the bitcoin market in their research report. Bernstein also noted that Bitcoin has not yet reached its cycle high and expects that it could approach the $200,000 mark within the next 12 months. Their long-term forecast for Bitcoin is based on a simple thesis: ‘Driven by accelerating institutional and sovereign demand, Bitcoin is poised to become a booming “digital gold” asset class.’ (TheBlock)