Bernstein is unafraid of the "crypto winter" narrative: Bitcoin's year-end target is $150,000, and the current correction is only a "confidence crisis"

Crypto Finance APP learns that after experiencing a sharp decline and subsequent rebound last week, Bitcoin hovered around $70,000 on Monday. Bernstein analyst Gautam Chhugani expects Bitcoin to reach a new all-time high again, aiming for $150,000 by the end of the year.

The cryptocurrency has fallen approximately 44% from its peak of over $126,000 set in October last year, when forced liquidations and whale sell-offs triggered a crypto winter. Last week’s sell-off intensified, with the token experiencing its most severe single-day drop since November 2022. Bitcoin remained stable on Monday, rebounding after falling to a low of $61,000 last Friday.

Chhugani stated in a report on Monday morning, “The current price movement of Bitcoin is merely a confidence crisis. Nothing major has happened, and no scandals are expected to surface. In the era of artificial intelligence, Bitcoin and cryptocurrencies are no longer as eye-catching. The pessimistic outlook on Bitcoin is the weakest in history.”

He also pointed out that the outflow of funds from spot ETFs is only 7%, while Bitcoin’s price dropped 50% last week.

Addressing concerns that quantum computing could threaten Bitcoin’s encryption, the analyst said this risk is not imminent, and with support from major players like Strategy (MSTR.US), BlackRock, and Fidelity, the blockchain is well prepared to adapt.

Last week, Fundstrat Digital Asset Head Sean Farrell said he was increasing his net long exposure in the portfolio to 80%, but “leaving some room to maneuver in case it drops back into the $50,000 level.”