Bernstein says BTC has likely bottomed, maintains $150K forecast

Wall Street asset management firm Bernstein said that Bitcoin has likely already bottomed out, maintaining its year-end price target of $150,000. The firm also commented on MicroStrategy (Nasdaq: MSTR), the single largest corporate holder of Bitcoin, noting that the company remains solid despite its stock being down approximately 50% from its peak. Bernstein described MicroStrategy, which holds 3.6% of the total Bitcoin supply, as a "high-beta" investment vehicle for the cryptocurrency. The firm pointed out that instead of reducing its exposure during downturns, MicroStrategy has opted to purchase more BTC, raising around $7.3 billion this year to increase its holdings.