Bitcoin Rebounds Above $70,000 as Bernstein Reaffirms $150K Target
Bitcoin (BTC) climbed during the U.S. trading session, breaking from its recent pattern of weakness. After dipping to just above $68,000 earlier in the day, the cryptocurrency rallied to $70,800 and is now up 0.5% over the past 24 hours.
Other major tokens outperformed slightly, with ether (ETH), XRP and solana (SOL) each advancing roughly 1.5% over the same period.
The broader risk backdrop was supportive. The Nasdaq rose 1%, while the S&P 500 gained 0.5%. Precious metals also rallied sharply, with gold up 1.9% to $5,075 per ounce and silver surging 7.4% to $82.50.
Bernstein analyst Gautam Chhugani struck a bullish tone, arguing that the current downturn represents “the weakest bitcoin bear case in its history.” He reiterated the firm’s $150,000 year-end price target, suggesting recent pessimism is overdone.
“When all stars are aligned, the Bitcoin community manufactures a self-imposed crisis of confidence,” Chhugani wrote. “Nothing blew up, no skeletons will unravel; the media is back again to write an obituary.” He added that “time remains a flat circle on Bitcoin,” implying the asset’s cyclical resilience.
From a technical standpoint, Schwab analyst Jim Ferraioli pointed to mining economics as a useful indicator for market bottoms. Historically, major selloffs have tended to stabilize near bitcoin’s cost of production. As prices fall, less efficient miners often shut down operations, leading to a decline in network difficulty.
That dynamic appears to be unfolding. Bitcoin mining difficulty recently recorded its largest drop since 2021, reflecting miner capitulation amid lower prices. Ferraioli noted that once difficulty begins rising again, it may signal that a bottom has formed.
Crypto-linked equities moved higher alongside the rebound in digital assets. Bullish (BLSH) led gains with a 14.2% jump, followed by Galaxy Digital (GLXY), up 8.2%, and Circle Financial (CRCL), ahead 5.1%. Strategy (MSTR) rose 3%, while Coinbase (COIN) added 1%.
Miners with exposure to AI infrastructure also saw strong momentum after Morgan Stanley initiated favorable coverage on TeraWulf (WULF) and Cipher Mining (CIFR), both of which climbed roughly 14%. Hut 8 (HUT), IREN (IREN) and Bitfarms (BITF) each gained about 7%.
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