Bernstein expects BTC to bottom out at $60K and rebound

Wall Street asset manager Bernstein has projected that the crypto market will turn toward recovery this year. According to The Block, the firm stated that BTC is likely to bottom out near the previous cycle's high of around $60,000 in the first half of this year before recovering. Bernstein attributed this outlook to several factors: its relative weakness compared to gold, the continuation of an institution-led cycle, a favorable U.S. policy stance on crypto, limited ETF outflows, and the diversification of miner revenue streams. The asset manager concluded that the current price movement is not the beginning of a full-blown bear market but rather a late-cycle correction.