Bitcoin hits $86K: Bernstein urges investors to maximize crypto exposure
Bitcoin reaches high again
On November 11, Bitcoin once again hit a new all-time high, surpassing $86,000.
The day before, Bernstein analysts declared that the bull market has already begun and urged investors to increase their exposure to the crypto industry “as soon as possible.”
"Don’t fight it… Welcome to the crypto bull market — buy everything you can," wrote Bernstein’s Managing Director and Senior Analyst for Global Digital Assets, Gautam Chhugani, in his note to investors.
For institutional investors looking to enter the market, Chhugani and his team identified opportunities such as spot Bitcoin and Ethereum ETFs, shares of publicly listed Bitcoin miners focused on pure-play operations like Riot and Core Scientific, or those with AI focus (IREN and CleanSpark), companies with Bitcoin corporate treasuries like MicroStrategy, and crypto exchanges such as Robinhood and Coinbase.
Should You Believe It?
For a broader range of investors who can buy cryptocurrencies directly, Bernstein recommended a basket of digital assets, including BTC, ETH, SOL, OP, ARB, POL, UNI, AAVE, and LINK.
“We remain confident in our target price of $200,000 for Bitcoin by the end of 2025. Even at $81,000 (+87% year-to-date), we believe the risk-to-reward ratio will remain favorable over the next 12 months,” Chhugani noted.
Meanwhile, as observed by The Block, Gautam Chhugani holds long positions in various cryptocurrencies, and Bernstein and its affiliates may receive compensation for investment banking services from MicroStrategy. Additionally, some of Bernstein's affiliates act as market makers or liquidity providers in debt securities of Riot Platforms and shares of Robinhood.
According to a report by the British bank Standard Chartered, by the U.S. midterm elections in late 2026, the total cryptocurrency market capitalization could quadruple from the current $2.5 trillion to $10 trillion.
