$BTC $BNB $ZEC
The cryptocurrency market has experienced a massive crash, with 1 trillion dollars evaporating! Don't panic! After a pullback, we will gather strength to rise again!
Bernstein, a well-known investment bank on Wall Street, analyzes that the recent market downturn does not resemble a recession after hitting a peak, but rather a phase of pullback, expected to rise again after finding a new bottom.
The current fundamentals are completely different from the past. This drop is merely a "relatively shallow correction" and will not replicate the past crashes of 60%-70%.
📊 Key reasons are three:
1️⃣ Sell pressure has been absorbed by ETFs and institutions:
In the past six months, "long-term holders" have sold 340,000 BTC, almost all of which have been taken over by spot ETFs and corporate treasuries, fully absorbing the sell pressure.
2️⃣ ETF structure has become stronger:
Institutional holdings in Bitcoin spot ETFs have increased from 20% to 28%, with AUM reaching 125 billion dollars.
Even with a 3 billion dollar outflow in the past three weeks, the scale remains as solid as a rock.
→ The holding structure is more stable, and the risk of sell-off is lower.
3️⃣ MicroStrategy does not sell BTC and may even increase its holdings:
The company's management has clearly stated: "Not a single one will be sold."
With low leverage and no cash flow concerns, Bernstein predicts that MicroStrategy will continue to buy during this downturn.
📯 Three major long-term bullish factors are still in progress:
🟢 The Trump administration has listed cryptocurrencies as a strategic priority, with unprecedented political support.
🟢 Key legislation such as the Clarity Act is expected to be introduced between the end of 2025 and the beginning of 2026.
🟢 The global economy is entering a rate-cutting cycle, creating a very favorable liquidity environment.
📑 Bernstein analysts summarize that this pullback might actually be a rare opportunity to enter the market, predicting that Bitcoin has the chance to find a bottom in the range of 80,000-90,000 dollars, followed by the next wave of increase.
Do you agree with their analysis? Is this downturn indicative of a bear market or just a temporary pause? Feel free to share your thoughts in the comments section.
