TLDR
- Bernstein sees Bitcoin bottom near $70,000 after 50% drop
- Analysts expect Bitcoin to reach $150,000 in 2026
- Strategy holds 762,099 BTC after adding 86,000 this year
- STRC preferred shares support continued Bitcoin buying
- ETFs hold $90B with steady inflows supporting market
Bitcoin may have reached its cycle low, according to Bernstein analysts, as institutional demand and corporate accumulation continue to support the market.
The analysts point to Strategy’s ongoing Bitcoin purchases as evidence that large players remain active despite recent price volatility.
Bernstein Says Bitcoin Bottom May Be in Place
Bernstein analysts stated that Bitcoin has likely found its bottom after falling from a peak near $126,000 to lows around $63,000. The asset has since recovered toward the $70,000 range, which analysts view as a base for potential upward movement.
BITCOIN BOTTOM IN, $MSTR HOLDS STRONG
Bernstein says Bitcoin has likely bottomed and is set to rise, keeping a $150K price target for 2026.
Despite a 50% drop from its peak, Strategy (MSTR) has remained resilient, now holding 3.6% of total Bitcoin supply (~$53.5B). The firm…
— *Walter Bloomberg (@DeItaone) March 24, 2026
They project Bitcoin could reach $150,000 by the end of 2026, which would represent more than a doubling from current levels.The analysts noted that the recent correction did not include major exchange failures or systemic disruptions seen in earlier cycles.
“We believe Bitcoin has found its trough and is now heading higher,” the report stated.
Strategy Expands Bitcoin Holdings During Market Decline
Strategy has continued to accumulate Bitcoin during the recent downturn, increasing its holdings by approximately 86,000 BTC this year.
The company now holds 762,099 Bitcoin, maintaining its position as the largest corporate holder of the asset. Analysts noted that the firm is on track to record its second largest quarterly Bitcoin purchase since it began accumulating in 2020.
This accumulation has occurred even as Bitcoin experienced a decline of around 20% since the start of the year. Strategy’s approach has focused on increasing its Bitcoin per share metric while maintaining access to capital markets.
STRC Preferred Shares Support Buying Strategy
Bernstein analysts pointed to Strategy’s STRC preferred shares as a key factor supporting continued Bitcoin purchases. The dividend-paying instrument allows the company to raise capital without relying heavily on common stock issuance.
This structure helps reduce dilution while enabling consistent accumulation of Bitcoin during different market conditions. Michael Saylor previously described the product as suitable for a broad range of investors seeking exposure to Bitcoin-linked returns.
The analysts noted that STRC has become an important funding mechanism as the company expands its balance sheet.
Institutional Demand and ETFs Strengthen Market Structure
The report also referenced the growth of spot Bitcoin exchange-traded funds as a factor supporting market stability. U.S. Bitcoin ETFs have attracted more than $56 billion in net inflows and now hold around $90 billion in assets.
These inflows have continued even during periods of volatility, which reflects sustained institutional participation. Analysts stated that this shift has contributed to a more stable market structure compared to earlier cycles.
“Strategy acts as the Bitcoin bank of last resort and ETFs are attracting more resilient sources of capital,” the analysts wrote.
