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- Analysts from Bernstein called the current dip “the weakest Bitcoin bear case in history” and expect the top crypto to bounce back and hit $150,000 this year.
- They say that the drop reflects a confidence crisis and not a broken crypto market as some critics have claimed.
One of the world’s largest asset managers has dismissed doomsday predictions from crypto critics and says that Bitcoin could hit $150,000 this year.
In a note to clients today, analysts from Bernstein says that the current dip is not a systemic failure and BTC will bounce back and surge even higher than its $126,000 all-time high, which it recorded last October. The analysts also dismissed some claims that critics have pushed, including the impending danger that quantum computing poses.
Bernstein is the research arm of AllianceBernstein, a global asset manager with over $860 billion in assets under management.
Bitcoin currently trades just below $69,000, dropping 3% in the past day and 11.5% over the past week to shed over $200 billion in market cap. Last week, it hit a 16-month low at $60,950 as the overall crypto market went through its largest weekly drop since 2022. Mining difficulty has also recorded its biggest drop since 2021.
However, Bernstein is brushing aside widespread concerns over the token’s future, describing the current market as “the weakest bitcoin bear case in its history.”
The company believes that the BTC community manufactured its own self-imposed crisis of confidence, giving the media the ammunition it needed to report that Bitcoin was dead.
Bernstein Dismisses Bitcoin’s Quantum Threats, AI Concerns
The Tennessee-based asset manager dismissed some of the widely spread risks that critics say will impact Bitcoin’s price. One of these is quantum computing; as we have reported, many industry leaders have claimed that quantum computers will unravel BTC’s cryptography and crash its technology. Jefferies, an American global investment bank, even stopped recommending that its clients allocate 10% of their portfolios to BTC due to quantum fears, as CNF reported.
Quantum computing isn’t a BTC-specific threat; it threatens any digital system, most of which have weaker cryptography structures, Bernstein says. If these industries will transition to quantum-resistant technology, then so will Bitcoin.
“They just decide as the world is turning to AI, Bitcoin and crypto are not interesting anymore. And not that bitcoin investors were the best quantum physics experts, they decide quantum is a bigger threat to Bitcoin than the banking industry and other mission-critical systems. Time remains a flat circle on Bitcoin,” the analysts wrote.
Another criticism has been that AI has overshadowed Bitcoin and that blockchain’s relevance is fading in the AI age. This is also widely misrepresented according to Bernstein. The two technologies are complementary, not adversarial. AI has only proven just how critical blockchain is as it’s the only technology that can guarantee the security and transparency of the AI agents. Additionally, it can underpin an agentic AI economic system where the agents can exchange value and data securely.
As we have reported, Ethereum recently released ERC-8004 to the mainnet, which sets the foundation of it to become the network for decentralized AI-to-AI interaction. Others like SUI and ICP are also rapidly rolling out AI support.
