Bernstein maintains $150k year-end Bitcoin target despite 54% pullback from October high, citing historical cycle precedent.
Macro & Markets ·
Bernstein analyst Gautam Chhugani reiterated a $150,000 year-end Bitcoin price target despite the asset trading roughly 54% below its October 2025 high of approximately $125,000. The pullback remains modest relative to historical precedent, according to the analysis; previous market cycles have produced drawdowns in the 75% to 90% range near their endpoints.
The firm's maintained conviction rests on a comparative framework viewing current conditions as less severe than late-cycle extremes. Bernstein indicated it will continue monitoring capital flow signals as a gauge of market health through the year-end period.
What remains uncertain is whether the 54% decline represents a normal cycle retracement or an early sign of deeper weakness ahead. The specific timing and trajectory needed to reach the $150,000 target by year-end has not been detailed in the available reporting.