Bernstein Calls Current Bitcoin Selloff the ‘Weakest Bear Case in History,’ Reaffirms $150K Target for 2026

Bitcoin Magazine Bernstein Calls Current Bitcoin Selloff the ‘Weakest Bear Case in History,’ Reaffirms $150K Target for 2026 Bernstein analysts reiterated a bullish long-term outlook for bitcoin, calling the current bitcoin price downturn the “weakest bear case” in the asset’s history and maintaining a $150,000 price target by the end of 2026. The research and brokerage firm argued that the recent drawdown reflects a crisis of confidence rather than structural damage to bitcoin’s network or investment thesis. “What we are experiencing is the weakest bitcoin bear case in its history,” the analysts wrote, adding that none of the typical catalysts behind past crypto winters have emerged. Bernstein said previous bear markets were driven by major failures, hidden leverage, or systemic breakdowns. This cycle, the firm sees no comparable blowups or widespread insolvencies. Instead, analysts pointed to growing institutional alignment as a key difference. They cited support from a pro-bitcoin U.S. political environment, expanding adoption of spot BTC ETFs, rising corporate treasury participation, and continued involvement from large asset managers. The firm argued that bitcoin’s broader adoption story remains intact despite market weakness. Bernstein also addressed criticism that bitcoin has lagged gold during the latest period of macro volatility. They said BTC continues to trade primarily as a liquidity-sensitive risk asset rather than a mature safe haven. They noted that elevated interest rates and tighter financial conditions have concentrated gains in select areas such as precious metals and AI-linked equities. Bernstein said BTC ETF infrastructure and corporate capital-raising channels remain positioned to absorb renewed liquidity if conditions ease. Reporting from The Block helped with the coverage of this analysis. Bernstein stays bullish on bitcoin; quantum fears dismissed. The analysts also pushed back against claims that BTC is losing relevance in an economy sh...