Bernstein Discusses Bitcoin’s Weakest Bear Market Yet – “Nothing Broke”

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead. Grab a coffee and take a step back from the daily price charts. Beneath the noise, some analysts believe Bitcoin’s latest downturn may be telling a very different story—one less about collapse and more about how the market itself is changing. Crypto News of the Day: Bernstein Maintains $150,000 BTC Prediction Bitcoin’s latest correction may feel familiar to crypto analysts, but experts at research and brokerage firm Bernstein argue that this cycle is fundamentally different from past downturns. In a recent note to clients, the firm described the current environment as the “weakest bitcoin bear case in its history.” In their opinion, the decline reflects a crisis of confidence rather than structural damage to the ecosystem. The analysts, led by Gautam Chhugani, reiterated a $150,000 Bitcoin price target by the end of 2026, citing: Continued institutional adoption Expansion of ETF infrastructure, and Expectations for improving global liquidity conditions. A Bear Market Without a Crisis Historically, Bitcoin bear markets have been triggered by systemic failures, hidden leverage, or major bankruptcies. Episodes such as the collapses of large crypto firms in previous cycles exposed structural weaknesses and triggered cascading liquidations. Bernstein argues that none of those catalysts are present today. The analysts noted that there have been no major exchange failures, widespread balance sheet stress, or systemic breakdowns across the crypto industry, even as sentiment has deteriorated. “What we are experiencing is the weakest Bitcoin bear case in its history,” the analysts wrote, adding that the recent sell-off reflects waning confidence rather than problems with Bitcoin’s underlying structure. They also pointed to strong institutional alignment supporting the market, including spot Bitcoin ETF adoption, growing corporate treasury pa...