Bitcoin price news: BTC climbs above $70,000 as Bernstein makes bull case
Bitcoin rose above $70,000, supported by Bernstein's reiterated $150,000 year-end price target.Summary
Bitcoin recovered from an earlier dip to trade above $70,000, mirroring gains in broader risk assets like the Nasdaq and S&P 500. Bernstein analyst Gautam Chhugani strongly reiterated the firm's $150,000 year-end price target, stating that the current bear case for Bitcoin is the weakest in its history, suggesting that any crisis of confidence is self-imposed by the community.
Technically, Schwab's Jim Ferraioli suggested monitoring Bitcoin mining difficulty adjustments as a signal for the market bottom. Previous selloffs often bottomed near the cost of production for less efficient miners, who temporarily shut down; a subsequent rise in difficulty confirms the bottom is in. Indeed, Bitcoin mining difficulty recently saw its largest drop since 2021, indicating some miner capitulation.
In related market news, crypto stocks rallied, led by Bullish (BLSH) with a 14.2% gain. Bitcoin miners pivoting to AI infrastructure, such as TeraWulf (WULF) and Cipher Mining (CIFR), also saw significant gains after Morgan Stanley initiated positive coverage.
(Source：CoinDesk)