-
Bitcoin (BTC-USD) hovered around $71,000 on Wednesday after Bernstein analysts noted that the token may finally have reached a low point more than five months after tumbling from its all-time highs.
"Bitcoin looks bottomed," Bernstein analyst Gautam Chhugani wrote in a note this week. The firm reaffirmed its $150,000 price target for the end of 2026.
The token, which has outperformed gold and equities during the Middle East conflict, was trading below $70,000 on Tuesday. Overall, bitcoin has been trading in a range between $65,000 and $75,000 over the past three weeks.
"We believe Bitcoin has found its trough and is now heading higher," Chhugani said.
Bitcoin exchange-traded funds' outflows seen at the start of the year have...