Bitcoin has shown remarkable resilience in the face of recent global market unrest triggered by U.S. President Donald Trump’s so-called “Liberation Day,” according to a new report from investment firm Bernstein, as cited by The Block.
In a time of widespread financial uncertainty, Bernstein analysts described Bitcoin’s performance as “simply impressive.” Unlike previous crises – such as the COVID-19 market crash, during which Bitcoin plunged between 50% and 70% – the current correction from its all-time high (ATH) has been a comparatively modest 26%.
This suggests that demand for Bitcoin is now coming from more stable, long-term capital,” the report noted.
While Bitcoin is traditionally viewed as a risk-on asset, Bernstein emphasised its evolving role as a long-term store of value. “We see Bitcoin as probabilistic gold over time – more volatile and liquid, but functionally similar,” analysts wrote.
Crypto analytics platform CryptoQuant provided additional context, stating that the current cycle’s 26.62% pullback is far less severe than the 83% drop in 2018 or the 73% decline in 2022.
Despite this relative stability, concerns remain. CryptoQuant recently highlighted increasing bearish conditions for Bitcoin, signalling caution in the near term.
Meanwhile, blockchain analytics firm Nansen predicted the crypto market could bottom out by June. CryptoQuant’s founder and CEO, Ki Young Ju, echoed this sentiment, suggesting that Bitcoin’s bull run has likely ended. He forecasts a period of decline or sideways trading over the next six to twelve months.