Bernstein is not afraid of the "crypto winter" argument: Bitcoin's year-end target is $150,000, the current adjustment is just a "confidence crisis"

After experiencing a sharp drop last week followed by a rebound, Bitcoin hovered around $70,000 on Monday. Bernstein analyst Gautam Chhugani expects Bitcoin to hit another all-time high, aiming to reach $150,000 by the end of the year. The cryptocurrency has fallen about 44% from its historical high of over $126,000 set in October last year, when forced liquidation and whale selling triggered a crypto winter. Last week's sell-off intensified, with the token experiencing its most severe single-day decline since November 2022. Bitcoin remained stable on Monday, rebounding after hitting a low of $61,000 on Friday. Chhugani stated in a report on Monday morning, "The current price movement of Bitcoin is simply a crisis of confidence. There is nothing major happening, nor will there be any scandals exposed. In the era of artificial intelligence, Bitcoin and cryptocurrency are no longer as eye-catching as before. The bearish sentiment towards Bitcoin is the weakest in history." He also pointed out that the outflow of funds from spot ETFs is only 7%, while Bitcoin prices fell 50% last week. Addressing concerns about quantum computing potentially threatening Bitcoin encryption, the analyst stated that this risk is not imminent, and blockchain is prepared for adjustments with support from major players like MicroStrategy, BlackRock, Inc., and Fidelity. Last week, Fundstrat's head of digital assets, Sean Farrell, said he was increasing the net long exposure in his portfolio to 80% but "leaving some room for maneuver in case we go back to the $50,000 level."