Bitcoin may have bottomed out, and $MSTR stock prices have also shown strong resilience, rising more than 30% from this cycle's low point.

Wall Street's Bernstein believes that Bitcoin prices are likely to have entered a cyclical bottom range.
Bernstein is known for its expertise in researching long-term trends, and its forward-looking views on market turning points in past tech stocks and digital asset cycles have aligned well with actual cycles, making its judgments on market inflection points highly credible.
Bernstein maintains its price expectation for Bitcoin to reach $150,000 by 2026.
Strategy, a company that originally focused on software business, has gradually transformed in recent years into an enterprise with a core strategy of holding Bitcoin, essentially turning the company into a special form of Bitcoin investment vehicle.
Currently, its Bitcoin holdings account for approximately 3.6% of global total supply, with a market value of about $53.5 billion, placing it at a very high level among all institutions.
Despite Bitcoin prices having declined approximately 50% from their highs, $MSTR has still demonstrated strong resilience.
The market typically views $MSTR as a high-beta asset, meaning its stock price volatility is greater than Bitcoin itself, with larger increases during uptrends and more severe declines during downtrends, essentially functioning as an amplified version of Bitcoin exposure.
From a financial perspective, Bernstein believes the company's balance sheet remains robust, with the capacity to continue holding and increasing its Bitcoin holdings.
A strong balance sheet means the company's cash, debt structure, and financing capacity remain within controllable ranges.
It is worth noting that Strategy did not reduce its risk exposure during market declines; instead, it chose to continue adding positions at lower levels.
This behavior typically indicates strong confidence in long-term price appreciation.
Simultaneously, the company raised approximately $7.3 billion through debt issuance or equity offerings in 2026, deploying these funds to further expand its Bitcoin holdings, essentially leveraging capital markets to amplify its long-term Bitcoin bet.
Overall, this logic can be understood as follows: on one hand, leading research institutions based on past experience judge that Bitcoin may be entering a new uptrend cycle, while on the other hand, $MSTR is viewed as a Bitcoin proxy asset with amplified volatility and simultaneously enlarged risks and returns.
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