‘Weakest bitcoin bear case in history’: Bernstein reiterates $150,000 price target for 2026

Analysts at Bernstein reiterated their bullish long-term outlook for Bitcoin, maintaining a $150,000 price target by the end of 2026, arguing that the current price weakness represents the "weakest bitcoin bear case in its history." They contend that the recent drawdown stems from a self-imposed crisis of confidence rather than any systemic failure, noting the absence of typical catalysts for past downturns like major failures or hidden leverage.

Bernstein highlighted strong institutional alignment, including spot Bitcoin ETF adoption and corporate treasury participation, as evidence that this cycle is different. They dismissed several bear arguments: Bitcoin is currently a liquidity-sensitive risk asset, not yet a mature safe haven; blockchains are well-suited for the emerging "agentic" digital environment driven by AI; and quantum computing risks affect all digital systems, not just Bitcoin uniquely.

Furthermore, the firm dismissed concerns over leveraged corporate holdings and miner capitulation, stating that major holders are structured to withstand prolonged downturns, and miners are diversifying into AI data center demand. Consequently, Bernstein concluded that forced selling risks have diminished, reinforcing their long-term positive trajectory for Bitcoin.

(Source：The Block)