Bitcoin recovers after early decline
After a slight decline earlier in the day, bitcoin returned to the $70,000 mark, coinciding with statements from Bernstein analysts about a very positive forecast for the first cryptocurrency.
According to Gautam Chhugani of Bernstein, "What we are experiencing is the weakest bitcoin bear case in its history." The analyst is confident that bitcoin could reach the $150,000 mark in the foreseeable future.
This optimistic forecast is based on a number of factors: institutional investors are increasingly entering the cryptocurrency market, the number of cryptocurrency wallet users is growing, and there is also high demand for bitcoin from retail investors.
In addition, Bernstein analysts note that over the past year, bitcoin has undergone a number of corrections, but each time it has recovered quite quickly, demonstrating resilience and the ability to withstand bearish sentiment.
Overall, Bernstein's position reflects the general opinion of many experts in the cryptocurrency market, who believe that bitcoin is on the verge of a new rally and may update historical highs in the near future.