Bernstein analysts led by Gautam Chhugani have stated that the Bitcoin bottom is likely in, with further upside moves on the horizon. This comes as BTC continues to face pressure due to the U.S.-Iran war, with peace talks uncertain amid contrasting statements from both sides.
Bernstein Calls Bitcoin Bottom Despite U.S.-Iran War Pressure
In a note to clients today, Bernstein analysts said they believe that Bitcoin has found its bottom and could now head higher. These analysts reiterated their year-end target of $150,000 for the leading crypto.
Their prediction about a BTC bottom comes amid the U.S.-Iran war, which continues to pressure the leading crypto and other crypto prices. Bitcoin is also facing renewed pressure as the U.S.-Iran peace talks look uncertain.
Bitcoin climbed above $71,000 yesterday after U.S. President Donald Trump said the U.S. and Iran had held productive talks to end the war. However, BTC quickly pared these gains as Iran denied claims of peace talks with the U.S.
Hostilities between both sides are again on high alert as the U.S. and Israel struck Iran’s energy facilities at midnight despite Trump’s statement yesterday about a 5-day halt to airstrikes so that both sides can negotiate in good faith. BTC has now dropped below $70,000, down almost 2% today.
BTC is also facing pressure due to oil prices, which have climbed again after Iran rejected claims of negotiations between the two sides. However, amid the ongoing U.S.-Iran conflict, a positive is that the leading crypto has not made a new low since February 6, when it briefly dropped to $60,000.
Iran Unlikely To Agree To U.S. Demands
According to a Reuters report, senior Israeli officials said that it is unlikely that Iran agrees to the U.S. demands in any new round of negotiations after talks broke down after the U.S. and Israel launched strikes on Iran on February 28.
However, these officials noted that Trump appears determined to reach a deal with Iran to end hostilities in the Middle East, which is positive for the Bitcoin price and the broader crypto market. The U.S. demands to end the conflict is expected to border on Iran’s nuclear and missile weapons program.
Axios had reported that Iran is pushing for de-escalation and assurances that there won’t be further attacks from the U.S. and Iran. Crypto traders continue to price in the possibility that the U.S.-Iran war could extend beyond April. There is currently a 44% chance of a ceasefire by April 30, according to Polymarket data.
