Bernstein reiterated that it continues to maintain its $200,000 bitcoin price target, sees potential buying opportunities in the current price correction, and its research note describes the current price pullback as "another opportunity to participate in the cycle," reiterating their bullish stance on the structure of the bitcoin market. Bernstein also noted that bitcoin has not yet reached a cycle high and is expected to likely approach the $200,000 mark within the next 12 months. Their long-term forecast for bitcoin is based on a simple argument: "Bitcoin will become a thriving'digital gold 'asset class, driven by accelerating institutional and sovereign demand."