Bitcoin may have dropped below $90,000 per coin for the first time since November—but it's still going to $200,000 this year, analysts have said.

In a Tuesday report, researchers at the investment firm Bernstein wrote that the price drop will be brushed aside as institutions continue to flood the space. 

Bitcoin's price plunged to its lowest level since November on Monday. The drop comes after the biggest digital coin hit a new all-time high of nearly $109,000 ahead of crypto-friendly Donald Trump's inauguration in January.

"We believe Bitcoin is yet to claim a cycle high, which we believe is closer to the $200,000 mark over next 12 months," Bernstein analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia wrote, adding that the price correction is "another opportunity to participate in this cycle."

The analysts noted that the drop in Bitcoin's value was partly down to "risk-on" assets experiencing a sell-off—stocks pulled back on Tuesday—as investors fear the Federal Reserve will keep interest rates higher for longer. 

Also, President Donald Trump is pushing ahead with an aggressive tariff policy, which has spooked investors, the report continued. 

Still, the bull run is still in play—Bitcoin is up 69% over the past year—and Bernstein analysts are keeping to their 2025 target of $200,000 per coin. 

At Bitcoin's current price of $87,262, that would mean it needs to increase by 129% in what remains of the year. But stranger things have happened in the crypto world.

Edited by Stacy Elliott.

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