According to online reports, Bernstein reiterated that it will continue to maintain its $200,000 bitcoin price target and believes that there are potential buying opportunities in the current price correction. Its research report described the current price correction as "another opportunity to participate in this cycle" and reiterated their bullish stance on the structure of the bitcoin market. Bernstein also pointed out that Bitcoin has not yet reached a cyclical high and is expected to approach the $200,000 mark in the next 12 months. Their long-term forecast for Bitcoin is based on a simple argument: "Driven by accelerating institutional and sovereign demand, Bitcoin will become a booming 'digital gold' asset class."