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Why Wall Street's Analysts Think Now Is the Time to Buy Bitcoin

Tue, 01/03/2023 - 17:38
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Alex Dovbnya
Will Bitcoin bounce back? Analysts at Bernstein have joined the chorus of crypto bulls
Why Wall Street's Analysts Think Now Is the Time to Buy Bitcoin
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Despite the bearish forecasts of market technicals, Bernstein analysts remain optimistic that Bitcoin and other cryptocurrencies could reach new heights, Barron’s reports.  

The firm’s analysts have pointed out the industry's great track record of recovering from its lows and bouncing back with exponential returns after each winter it goes through. 

Bernstein’s optimism is centered around the promise of long-term growth due to increasing adoption among internet users. 

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While a bear case for crypto does exist, such as unfavorable macro conditions and regulatory threats, advancements in blockchain technology could potentially overcome these challenges in the future. 

Ultimately, investors should focus on long-term consumer adoption if they plan to see significant returns over time.

The previous year brought a myriad of challenges for the cryptocurrency market. Bitcoin closed 2021 substantially lower, losing 65% of its value. This decrease in price starkly contrasts with a 60% gain recorded in 2021 and an almost four-fold increase observed in 2020. The bear market conditions are reminiscent of 2018 when the flagship cryptocurrency experienced a 74% decline. 

The recent crash of the FTX token, as well as weak risk appetite due to the Federal Reserve's aggressive rate hikes all played their part in pushing Bitcoin prices downwards by the end of the year. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at