After a brief pullback, Bitcoin returns to $70K as Bernstein reiterates its $150K call.

Bitcoin Climbs Back Above $70,000 as Analysts Downplay Bearish Narrative

Bitcoin (BTC) rebounded during the U.S. session, rising to $70,800 after briefly slipping to just above $68,000 earlier in the day. The recovery leaves the cryptocurrency modestly higher by about 0.5% over the past 24 hours.

Altcoins posted stronger gains, with ether (ETH), XRP and solana (SOL) each advancing close to 1.5%.

The move came amid a broader rally in risk assets. The Nasdaq gained 1%, while the S&P 500 rose 0.5%. Precious metals also saw significant strength, with gold up 1.9% to $5,075 per ounce and silver surging 7.4% to $82.50.

Bernstein analyst Gautam Chhugani argued that the current downturn lacks the characteristics of prior major bear markets. Calling it “the weakest bitcoin bear case in its history,” he reaffirmed the firm’s $150,000 year-end price target. According to Chhugani, recent pessimism reflects a recurring cycle of sentiment rather than structural deterioration.

“Nothing blew up,” he wrote, dismissing concerns of systemic risk. “Time remains a flat circle on Bitcoin,” he added, pointing to the asset’s historical pattern of recovery following periodic drawdowns.

Technical signals from the mining sector may also suggest stabilization. Schwab analyst Jim Ferraioli noted that bitcoin has historically found support near its cost of production. When prices fall toward that level, less efficient miners often shut down operations, leading to a drop in mining difficulty.

That process appears underway. Mining difficulty recently recorded its largest decline since 2021, signaling some miner capitulation. Ferraioli said a renewed increase in difficulty could indicate that the market has reached a bottom.

Crypto-linked equities moved higher alongside bitcoin’s rebound. Bullish (BLSH) jumped 14.2%, Galaxy Digital (GLXY) rose 8.2%, and Circle (CRCL) gained 5.1%. Strategy (MSTR) added 3%, while Coinbase (COIN) edged up 1%.

Bitcoin miners with AI exposure also rallied after Morgan Stanley initiated positive coverage on TeraWulf (WULF) and Cipher Mining (CIFR), both of which climbed about 14%. Hut 8 (HUT), IREN (IREN) and Bitfarms (BITF) advanced roughly 7% each.