Bitcoin (BTC-USD) may finally have reached a low point more than five months after tumbling from its all-time highs, according to Bernstein analysts.

"Bitcoin looks bottomed," Bernstein analyst Gautam Chhugani wrote in a note on Monday. The firm reaffirmed its $150,00 price target for the end of 2026.

The token, which has outperformed gold and equities during the Middle East conflict, was trading below $70,000 on Tuesday. Overall, bitcoin has been trading in a range between $65,000 and $75,000 over the past three weeks.

"We believe Bitcoin has found its trough and is now heading higher, " Chhugani said.

Bitcoin exchange-traded funds' outflows seen at the start of the year have reversed, with ETFs today holding roughly 6.1% of the total supply.

Additionally, digital asset Treasury giant Strategy (MSTR) has acted as a strong buyer. Strategy currently holds roughly 3.6% of all supply, making the stock an attractive buy, Chhugani said.

He added that "we believe, MSTR offers a high-beta exposure to Bitcoin upside with the backstop of a resilient, liquid and pressure tested balance sheet."

Bernstein has a Buy rating on Strategy with a $450 price target.

Wall Street has been cautious to call a bottom after the bitcoin tumbled from a record high of $126,000 in October. Bitcoin is down roughly 20% year-to-date.

The token has. posted five straight months of losses. Since the start of the war however, the token has risen more than 6%. During the same timeframe gold (GC=F) has fallen 15%.

On Monday the token bounced along with the rest of the stock market after President Trump signaled talks with Iran and postponed strikes on the country's power infrastructure.

Fundstrat's head of digital assets head Sean Farrell said the bounce was "constructive but lacks confirmation."

"With geopolitical uncertainty still elevated and key demand drivers softening, the burden of proof remains on the bulls," he said. "Stay nimble and maintain dry powder."

Farrell has been warning a drawdown in the first half of the year, followed by a rally taking the token to $115,000 by the end of the year.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

Click here for the latest cryptocurrency news, prices, updates, and more

Read the latest financial and business news from Yahoo Finance