Related: Veteran investor says SpaceX, Anthropic IPO frenzy behind Bitcoin selloff<\/a><\/p>\n Last week, Bitcoin fell below<\/a> $60,000 for the first time since October 2024.<\/p>\n Even though popular market commentator\u00a0and former hedge fund manager\u00a0Jim Cramer blamed<\/a> Strategy for the latest crash,\u00a0Bitwise advisor Jeffrey Park said<\/a> Strategy cannot be blamed as investors are rotating capital from Bitcoin to position themselves for\u00a0IPOs of artificial intelligence (AI) giants\u00a0such as SpaceX and Anthropic.<\/p>\n Trending on TheStreet Roundtable: Bernstein analysts reiterates bullish Bitcoin target <\/p>\n Bernstein’s Global Digital Assets team published a\u00a0research note on June 8, assuring that Bitcoin’s current decline reflects\u00a0growing institutional stability instead of structural decline, as per a Decrypt report<\/a>.<\/p>\n Retail investors are chasing AI stocks and many Bitcoin miners such as IREN have pivoted to AI, with Bitcoin’s holder base now dominated by institutional players, pension funds, sovereign wealth funds, and corporate treasuries.<\/p>\n The analysts said this reflects\u00a0a more stable foundation than the speculative traders that drove previous cycles.<\/p>\n \u201cWe believe this maturation phase of Bitcoin is less appreciated, and the criticism has largely come from its lack of retail momentum\u2014which may not be a bad thing considering retail has crowded into AI,\u201d the analysts said in the note. \u201cBitcoin being boring this cycle should not be held against it, and does not take away from the long-term \u2018store of value\u2019 thesis, in our view.\u201d<\/p>\n Though Bitcoin is trading above $62,000 right now,\u00a0Bernstein analysts reiterated their year-end\u00a0price target of\u00a0$150,000.<\/p>\n Bitcoin was exchanging hands at $62,332 at the time of writing.<\/p>\n Related: Jim Cramer has blunt response to Bitcoin ‘murder’<\/a><\/p>\n This story was originally published by TheStreet<\/a> on Jun 9, 2026, where it first appeared in the MARKETS<\/a> section. Add TheStreet as a Preferred Source by clicking here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"There seems to be no end to the trouble Bitcoin (BTC) traders have been facing since the Oct.…\n","protected":false},"author":2,"featured_media":485275,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[345,343,344,89994,85,46,943,132146,125],"class_list":["post-485274","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-bitcoin-miners","tag-il","tag-israel","tag-jim-cramer","tag-michael-saylor","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/485274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=485274"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/485274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/485275"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=485274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=485274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=485274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/06\/fdee5ea1c017c4320ccb76abf2725c74.jpeg\")
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