Bernstein Flags a Bitcoin Cycle Bottom, Sets $450 Target for Strategy (226% Upside)

Bernstein analyst Gautam Chhugani says the current Bitcoin drawdown represents a cycle bottom and reiterates a year-end BTC target of $150,000. The firm also set a $450 price target for Strategy, implying 226% upside from Monday's $138.20 close, citing $56 billion of Bitcoin and cash versus $18 billion of total debt. Bernstein points to $2.2 billion of net Bitcoin ETF inflows over four weeks and ETF ownership of 6.1% of supply as key supports.