Аналитики Bernstein о биткоине: текущее падение – сигнал для оптимизма, а не пессимизма Translated: Analysts at Bernstein on Bitcoin: the current drop is a signal for optimism, not pessimism

The current downturn represents the «weakest bearish scenario» in the history of Bitcoin, according to analysts at Bernstein. They suggest that the drop in prices is indicative of a crisis of confidence among market participants rather than fundamental issues with the asset, as reported by The Block.

Experts have reaffirmed a bullish long-term outlook for the leading cryptocurrency, maintaining a price target of $150,000 by the end of 2026.

Bernstein highlighted the absence of typical catalysts for a crypto winter, such as systemic failures, bankruptcies of major players, or issues related to hidden leverage.

Conversely, the market is buoyed by capital inflows into ETFs, corporate treasuries, and the supportive stance of U.S. politicians.

Analysts have addressed the main arguments from skeptics.

The situation in the market has also been assessed by Glassnode.

According to their data, unrealized losses amount to approximately 16% of the market capitalization. Experts noted that the current market structure and the level of investor «pain» resemble the beginning of May 2022.

These findings were supported by Michael van de Poppe, founder of MN Trading, who pointed out the historical oversold nature of the market: the fear and greed index has dropped to 5 points, while the RSI has fallen to 15. Such low levels were only seen during 2018 and the «COVID crash.»

The trader considers a rapid decline below $60,000 unlikely, expecting consolidation and a gradual resumption of growth.

It is worth noting that the Sharpe ratio has indicated the final stage of the bear market, with the indicator for Bitcoin falling to -10, the lowest level since March 2023.