with new growth ahead, as the token's largest corporate holder, Strategy, continues to expand its coffers.

In a note on Tuesday, analyst Gautam Chhugani stated, "We believe Bitcoin has bottomed and is now moving higher," adding that the firm maintains its price target of $150,000 for late 2026.

Bernstein emphasizes Strategy's resilience during Bitcoin's decline from its peak of $125,000 in late 2025.

The company now owns 3.6% of Bitcoin's total supply, equivalent to $53.5 billion in net asset value. According to the note, "Strategy offers high-bet exposure to Bitcoin growth, supported by a strong, liquid, and pressure-tested balance sheet."

Chhugani says fears of forced liquidation of the balance sheet were unfounded. Instead, "Strategy has further increased its Bitcoin treasury," raising $7.3 billion since the start of 2026 through common and preferred shares, even as Bitcoin has fallen 19% over the same period.

A key part of the firm's capital strategy is STRC, Strategy's preferred instrument. Bernstein notes that STRC "offers low volatility (below 2%) with a high fixed coupon paid monthly," adding that growing trading volumes reduce dilution pressure on Strategy shares.

Bernstein also highlights Bitcoin's performance during the Iran conflict, stating that the token outperformed gold by 25%, supported by "global cross-border portability and censorship resistance."

The firm reiterates its Outperform rating for Strategy with a $450 price target.