Bernstein: Maintain the target price of $150,000 at the end of bitcoin

ON 7 JULY, BERNSTEIN MAINTAINED THE TARGET PRICE OF $150,000 AT THE END OF THE YEAR, DESPITE A 54 PER CENT FALL IN THE PRICE OF BITCOIN, WHICH WAS CLOSE TO $125 MILLION IN OCTOBER 2025. ACCORDING TO BERNSTEIN, THE CURRENT ROUND WAS SIGNIFICANTLY LOWER THAN THE 75 TO 90 PER CENT DECLINE THAT WAS COMMON AT THE END OF THE HISTORICAL CYCLE, SUGGESTING SOME CHANGE IN MARKET STRUCTURES. IN THE CONTEXT OF THE CURRENT DOWNTURN IN MARKET SENTIMENT, THE CLEAR TARGET PRICES OFFERED BY WALL STREET CAN PROVIDE PRICE ANCHORS FOR MARKETS, WHILE THE HISTORICAL FALLBACK FRAMEWORK HELPS TRADERS TO ASSESS RISKS. IF THE CURRENT CYCLE IS CONSISTENT WITH HISTORICAL TRENDS, THE MARKET MAY STILL FALL FURTHER, BUT INSTITUTIONAL JUDGEMENT OF THE SUBSEQUENT RECOVERY REMAINS A CONCERN. IT NOTED THAT THE PRE-HIGHNESS OF CLOSE TO $125 MILLION IN OCTOBER 2025 REMAINED AN IMPORTANT REFERENCE RESISTANCE POSITION, AND THAT THE EQUIVALENT PRICE OF 75 PER CENT OF THE HISTORICAL FALLBACK WOULD BE APPROXIMATELY $31,000, WHICH COULD BE CONSIDERED A CRITICAL FAILURE AREA. THE FOLLOW-UP WILL FOCUS ON THE RECOVERY OF SPOT ETF FLOWS AND DEMAND IN BITCOIN, WHICH IS AN IMPORTANT SIGNAL IN JUDGING THE MARKET'S ENTRY INTO THE RECOVERY PHASE。