Is Bitcoin Entering Another Bull Market? Bernstein’s $120,000 Year-End Forecast... Is This the Start of a Bull Market? | Seo Dong-ju, Kim Dong-hwan, Park Hyun-young, News1 Reporter

Summary

The panel reviews Bitcoin after the July PCE inflation report and Nvidia earnings, with Bitcoin stabilizing around $78,000 after long-term holders took profits near $80,000. Reporter Park Hyun-young presents Bernstein’s call for $125,000 by year-end and $150,000–$200,000 into 2027, while Kim Dong-hwan questions the depth of such forecasts. The discussion also covers global bank stablecoin plans, Korean exchange fee competition, and pending digital asset legislation that could affect Naver, Mirae Asset, and crypto taxation.

• Bitcoin dipped after a slightly hot headline PCE but held near $78,000 with limited downside.
• On-chain data showed long-term holders selling into the failed move toward $80,000, with supply change negative for the first time this year.
• Bernstein forecasts Bitcoin at $125,000 by year-end under base and bull cases, citing the four-year halving cycle and institutional demand.
• Kim Dong-hwan argues most Bitcoin price targets lack rigorous fundamentals and rely on cycle and supply-demand narratives.
• Global major banks are reportedly pursuing a dollar stablecoin consortium; digital currency may split into retail stablecoins and interbank deposit tokens.
• Korean exchanges Korbit and Coinone began a zero-fee competition, raising concerns about volume spikes and manipulative altcoin moves.
• Pending digital asset basic law could impose ownership limits, creating risk for Naver-Dunamu and Mirae Asset-Korbit structures.
• Crypto tax acquisition-cost rules remain unresolved, creating potential tax risk even for breakeven trades.