As cryptocurrencies rebound from their sharp decline the previous day, Bernstein, a prominent U.S. securities firm, has released a report suggesting that the cryptocurrency crash offers an opportunity for bargain purchases.
In a report issued on Tuesday, Bernstein highlighted that the sharp decline in cryptocurrencies like Bitcoin offers investors another opportunity to enter the market.
Gautam Chhugani, an analyst at Bernstein, stated in the report, “We don’t believe anything fundamental has broken in our structural view of the current Bitcoin cycle.”
He emphasized that the upward momentum for cryptocurrencies, including Bitcoin, remains strong in the long run.
Chhugani projected that Bitcoin would reach a peak close to $200,000 within the next 12 months.
He attributed the recent plunge to broader market concerns about inflation caused by tariff increases affecting stocks and cryptocurrencies. However, he noted that cryptocurrencies will likely rally with no signs of change in the Trump administration’s crypto-friendly policies.
At present, cryptocurrencies that experienced sharp declines are showing signs of recovery.
As of 7:20 PM EST on Tuesday, the global cryptocurrency tracking website CoinMarketCap reported that Ripple was $2.30, up 3.21%, and Ethereum was $2,485, up 0.41% compared to 24 hours ago.
Meanwhile, Bitcoin is trading at $88,442, down 2.93%. However, Bitcoin has significantly reduced its losses; approximately three hours earlier, it had fallen by about 7%.