A report by Bernstein, led by analyst Gautam Chhugani, suggests that Bitcoin has bottomed out and will soon begin to rise in value. Since reaching an all-time high of over $126,000 last October, Bitcoin's price has struggled, but Chhugani remains bullish on the cryptocurrency.
The team at Bernstein notes that institutional interest in Bitcoin remains strong, with higher ETF flows and more traditional banks offering crypto services. They also point to the fact that Bitcoin has outperformed gold since the Iran conflict began, which may indicate its potential as a hedge against inflation and geopolitical risks.