As Bitcoin approaches $80,000, analysts at Bernstein believe the market is fundamentally strengthening. They labeled the recent dip to $60,000 as a "clear bottom," according to The Block.

"The best days for digital assets are ahead of us — we are entering a higher and structurally longer bull cycle," the experts stated.

The analysts attributed the growth potential to several factors:

  1. Institutional capital inflow. Bernstein estimates that demand from ETFs is strengthening the base of Bitcoin holders: about 60% of the supply has not moved in over a year.
  2. Accumulation of Bitcoin by Strategy. The company has accumulated 818,334 BTC and is attracting yield-focused investors through its STRC product.
  3. Expanded access to crypto products through traditional financial infrastructure. Analysts highlighted the spot ETF from Morgan Stanley and the Charles Schwab platform for trading digital gold and Ethereum.

Bernstein evaluates the market not only through the lens of Bitcoin. Blockchain infrastructure is increasingly being used in settlements, payments, and tokenization. For example, they noted that stablecoins have surpassed $300 billion in supply.

Source: DefiLlama.

According to them, "stablecoins" are becoming less dependent on market sentiment and are more frequently used for real dollar payments.

The RWA segment has grown to $345 billion — a 110% increase year-over-year. The main contributions came from private loans and treasury bonds.

Bernstein acknowledged that long-term risks remain, including the quantum threat. Nevertheless, experts expect that blockchains will transition to post-quantum security mechanisms in time.

Recovery of Activity

At the time of writing, Bitcoin is trading around $76,800. Over the past day, the asset's price has dropped by 1.3% after rising above $79,000.

Hourly chart of BTC/USDT on Binance. Source: TradingView.

XWIN Japan analysts explained the correction as a liquidity crisis due to forced liquidations of long positions totaling $100 million.

Bitcoin’s Sudden Drop Explained — Structural Downside Driven by Leverage Liquidations

“Weekend market structure played a key role. With reduced participation from institutions and liquidity providers, order books become thin, making prices more sensitive to market orders.” – By… pic.twitter.com/zxNE0bjuOV

— CryptoQuant.com (@cryptoquant_com) April 28, 2026

The recovery of open interest to $25 billion indicates a return of leverage to the market, experts noted. They stated that Bitcoin's dynamics are once again sensitive to trader positioning, increasing the risk of sharp movements due to liquidations.

Additionally, Glassnode pointed to a revival in activity. The Spot CVD metric, reflecting market buyer activity, increased by 199% over the week — from $18.3 million to $54.8 million.

Perpetual CVD rose by 174.7%, reaching $315.1 million. This indicates increased buying pressure in both spot and derivatives markets.

On-chain metrics also signal a return of capital. The adjusted transfer volume on the Bitcoin network increased by 36.6% — to $7.6 billion.

Source: Glassnode.

Glassnode did not observe signs of speculative overheating. The share of "hot capital" (funds from new short-term participants) decreased to 17.5% — significantly below historical levels of frenzy. Analysts believe the market is controlled by long-term holders.

Another signal is the improvement in the unrealized profit and loss metric, which rose from -7.4% to -3.5%. The share of profitable supply reached 63.9%. The number of unprofitable investors is decreasing, reducing their pressure on prices.

“In summary: the Bitcoin market is showing a combination of bullish momentum, cautious sentiment, and consolidation. While buying pressure remains strong, the decline in speculative activity indicates a more measured approach: investors are balancing risk and capital rotation,” Glassnode concluded.

Recall that in April, analyst Michael Terpin predicted a Bitcoin bottom at $57,000. He expects the cryptocurrency to reach this level in October.