Bitcoin price: Continuously rotating
As of 5:18 p.m. today (December 9), Bitcoin - the world's largest cryptocurrency by market value witnessed a strong increase of 3.11%, up to 92,138.86 USD.
This new price contributes to bringing market capitalization to 1,798 billion USD, down 50 billion USD. In the same direction, trading volume in the 24 hours was at 56.28 billion USD, down slightly by 0.21 billion USD.
Assessment and forecast
Bitcoin's latest price drop did not shake the most optimistic forecasts on Wall Street, as brokerage Bernstein took a strong stance to raise the medium-term outlook and recalled the long-term target of $1 million by 2033.
However, this optimism controversy increasingly serious warnings from technical analysts, who believe that the world's largest cryptocurrency has entered a new downward price market.
Bernstein analysts said that Bitcoin's recent 30% decline has hardly affected market structural demand much, as ETFs have barely recorded significant withdrawal despite strong selling pressure.
The company now expects Bitcoin to reach $150,000 by 2026, up from a previous forecast, and believes that the current cycle could peak around $200,000 in 2027.
Bernstein also noted that Bitcoin's cycle has broken the traditional 4-year model and is entering a "long-term uptrend".
Matthew Sigel - Head of Research at VanEck - commented when mentioning Bernstein's prospects: "In the recent correction, we believe that the Bitcoin cycle has broken the 4-year model and is in a long-term uptrend, as steady buying flows from institutions have compensated for the sell-off of retail investors".
Bernstein insists the long-term target of $1 million by 2033 remains the same.
The company's upgraded forecast joins the " milestone" of many other optimistic comments as 2025 is about to end.
Technology investor Mike Alfred this week believes that Bitcoin could reach 315,000 USD next year, while Ethereum could increase to 20,000 USD.
He stressed that Bitcoin "is no longer actually in the bull market from 2021" and is now entering "phase 1 of a new uptrend".
In Vietnam, Bitcoin and other cryptocurrencies have not been recognized as a legal payment method and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
