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

Bernstein analysts reaffirmed their bullish long-term outlook for Bitcoin, characterizing the recent price drop as the "weakest bear case in its history" because it lacks the typical catalysts of past crypto winters, such as major failures or systemic breakdowns.

Instead, the firm attributes the selloff to a crisis of confidence, noting growing institutional alignment, support from a pro-bitcoin political environment, expanding spot BTC ETF adoption, and corporate treasury participation as key differentiators from previous cycles. They argue that Bitcoin still acts as a liquidity-sensitive risk asset, lagging behind safe havens like gold due to tight financial conditions, but is positioned to absorb renewed liquidity when conditions ease.

Furthermore, Bernstein dismissed concerns regarding quantum computing threats, stating that all digital systems face similar risks and will transition together to quantum-resistant standards. They also dismissed fears about leveraged corporate accumulation, concluding that the selloff stems from sentiment weakness, not systemic failure, and reiterated the $150,000 price target for BTC by the end of 2026.

(Source：Bitcoin Magazine)