Bernstein analyst Gautam Chhugani lowered the firm’s price target on Bullish (BLSH) to $50 from $60 and keeps a Market Perform rating on the shares. For 2026, the firm expects a tokenization supercycle – tokenization of the dollar, tokenization of capital markets, tokenization of events. Bernstein still feels good about Bitcoin despite the weak sentiment in Q4. It believes with reasonable confidence that Bitcoin and broader digital asset markets have bottomed.
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