Analysts at Bernstein, in their latest report, confirm a $200,000 price target for Bitcoin and view the recent market correction as a good buying opportunity. According to Bernstein, if Bitcoin drops below $80,000, it could be an attractive entry point for investors. They believe the current Bitcoin dip is just a temporary correction with no impact on its long-term upward trend. Bernstein believes institutional investors and large companies entering the Bitcoin market will continue to drive BTC price growth over the next 12 months, potentially reaching $200,000. In the past seven days, Bitcoin price has dropped over 7% to around $87,000 due to various factors including a $1.5 billion exchange hack at Bybit and fluctuations related to Facebook’s Libra coin. However, the main factor has been negative market sentiment due to concerns about the Federal Reserve’s tightening policies and their impact on high-risk assets like Bitcoin. Monetaryhan, CEO of Bank of America, stated today: ‘The Federal Reserve is unlikely to lower interest rates this year and next.’ On the other hand, Standard Chartered Bank has presented a more bearish forecast for Bitcoin, warning that breaking the $90,000 support level indicates a continuation of the downward trend with a possibility of further decline. Nonetheless, bullish long-term views on Bitcoin persist. Standard Chartered had previously predicted that Bitcoin could even rise to $500,000 in the future. You can track live prices of all digital tokens and cryptocurrencies on the momentary price page.
