Analysts are long bullish on Bitcoin for the long term, but this time they cut Strategy’s target price.

Strategy is the public company that has been continuously buying Bitcoin. This adjustment comes from Bernstein’s new report.

Many people only focus on Bitcoin’s long-term target price, assuming institutions are still calling it bullish.

I’m more concerned about the fact that Strategy’s target price was slashed.

The report is very direct: in addition to changes in the cycle outlook, there’s faster equity dilution.

The company has been raising funds to buy Bitcoin, diluting shareholders’ equity.