Bitcoin Bulls Gain Momentum as Bernstein Forecasts $300K Target

CryptoQuant's data suggests Bitcoin is showing signs of short-term overheating despite key on-chain indicators pointing toward a broader bullish market cycle.

The firm's Bull-Bear Market Cycle Indicator has entered the green 'Early Bull' zone, similar to conditions seen in January 2023 before the previous major crypto market uptrend. This shift indicates underlying market conditions have shifted significantly in favor of buyers, despite near-term selling pressure.

Rising Bitcoin and XRP exchange inflows suggest some long-term holders are taking advantage of stronger market liquidity to lock in gains. CryptoQuant's Bull Score has jumped from 30 to 80 within one week, reaching its highest level since October 2025 when Bitcoin traded near $124,000.

Bernstein has raised its long-term Bitcoin outlook, expecting BTC to reach $150,000 by mid-2027 before potentially climbing toward $300,000 in 2029. The forecast is based partly on rising U.S. sovereign debt and expectations that fiat currencies will continue losing purchasing power.