Bernstein Calls $60,000 a 'Clear Bottom' for Bitcoin, Expects Extended Bull Cycle

Bernstein Identifies $60,000 as Bitcoin's Firm Support Level

As Bitcoin edges toward $80,000, investment firm Bernstein has declared the market fundamentally stronger. According to analysts, the recent dip to $60,000 formed a "clear bottom," and they expect "the best for digital assets is ahead — a higher and structurally longer bull cycle," as reported by The Block.

Bernstein outlined several catalysts underpinning their bullish thesis:

• Institutional capital inflows. ETF demand is reinforcing Bitcoin's holder base, with roughly 60% of supply unmoved for over a year.
• Strategy's aggressive accumulation. The company has amassed 818,334 BTC and attracts yield-oriented investors through its STRC product.
• Traditional finance expanding crypto access. Analysts highlighted Morgan Stanley's spot exchange-traded fund and Charles Schwab's platform for trading Bitcoin and Ethereum.

Why This Matters

Bernstein's assessment extends well beyond Bitcoin's price action. Blockchain infrastructure is increasingly being adopted for settlements, payments, and tokenization. A prime example: the stablecoin market, whose total supply has surpassed $300 billion.

According to the analysts, stablecoins are becoming less dependent on speculative market sentiment and are increasingly used for real dollar-denominated payments. The tokenized real-world assets (RWA) segment has reached $345 billion — a 110% year-over-year increase driven primarily by private credit and treasury bonds.

Bernstein acknowledged that long-term risks remain, including the quantum computing threat. However, the team expects blockchains to transition to post-quantum security mechanisms in time.

Current Market Snapshot: Pullback Amid Leverage Liquidations

At the time of the original report, Bitcoin was trading near $76,800, down 1.3% over 24 hours after briefly climbing above $79,000.

XWIN Japan analysts attributed the correction to a liquidity crunch triggered by forced closures of leveraged long positions totaling $100 million.

«Bitcoin's Sudden Drop Explained — Structural Downside Driven by Leverage Liquidations. Weekend market structure played a key role. With reduced participation from institutions and liquidity providers, order books become thin, making prices more sensitive to market orders.» — CryptoQuant.com (@cryptoquant_com), original post

Open interest recovering to $25 billion signals the return of leverage to the market. Experts warned that Bitcoin's price dynamics are once again sensitive to trader positioning, raising the risk of sharp moves driven by liquidation cascades.

Glassnode On-Chain Data: Buyers Are Back

Analytics platform Glassnode detected a significant uptick in buying activity. The Spot CVD indicator — measuring the balance of market buy versus sell orders — surged 199% in a single week, from $18.3 million to $54.8 million. Perpetual CVD climbed 174.7% to $315.1 million. Together, these metrics point to strengthening buyer pressure across both spot and derivatives markets.

On-chain metrics further confirm capital flowing back into the network. Adjusted transfer volume on the Bitcoin blockchain rose 36.6% to $7.6 billion.

Glassnode found no signs of speculative overheating. The share of "hot capital" — funds belonging to short-term participants — declined to 17.5%, well below historical euphoria levels. According to the analysts, long-term holders remain in control of the market.

The net unrealized profit/loss metric improved from -7.4% to -3.5%, while the share of supply in profit reached 63.9%. The pool of underwater investors is shrinking, reducing their selling pressure on prices.

Glassnode summarized that Bitcoin's market shows a combination of bullish momentum, cautious sentiment, and consolidation. While buying pressure remains steady, reduced speculative activity points to a more measured approach, with investors balancing risk and capital rotation.

Earlier in April, analyst Michael Terpin projected Bitcoin's bottom at $57,000, expecting the cryptocurrency to reach that level in October.