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

Research firm Bernstein contends that Bitcoin's recent correction represents the "weakest bitcoin bear case in its history," asserting that the decline stems from a crisis of confidence rather than structural damage to the ecosystem. Analysts, led by Gautam Chhugani, reiterated a $150,000 BTC price target by the end of 2026, supported by continued institutional adoption, ETF expansion, and expected improvements in global liquidity. Unlike previous bear markets triggered by systemic failures or major bankruptcies, Bernstein finds no such catalysts present now, stating, "Nothing blew up, no skeletons will unravel." They attribute the relative weakness compared to assets like gold to Bitcoin's continued sensitivity to macro liquidity conditions under high interest rates. Furthermore, structural changes, such as corporate holders having liabilities resilient to deep downturns and miners diversifying into AI, reduce downside risks.

(Source：BeInCrypto)