Analysts at Bernstein remain bullish on Bitcoin’s long-term prospects despite a recent price decline. The firm maintains its $150,000 price target for 2026, characterizing the current downturn as the “weakest” bear market in Bitcoin’s history. However, other analysts warn that further downside risk remains possible as the market enters a consolidation phase.
Research firm Bernstein has reaffirmed its Bitcoin price projection of $150,000 by the end of 2026 despite a recent market downturn. Analysts led by Gautam Chhugani described the current decline as the weakest Bitcoin bear case in its history.
They stated that unlike past cycles driven by systemic failures, the current weakness stems from a “manufactured crisis of confidence.” Bernstein analysts added, “When all stars are aligned, Bitcoin community manufactures a self-imposed crisis of confidence.”
Bitcoin fell from a cycle peak of $126,000 in October to $60,000 in early February, a 52% drawdown. This contrasts with an average 80% decline in past bear markets, according to Bernstein’s analysis.
The firm also downplayed quantum computing as an immediate threat to the Bitcoin network. They acknowledged it as a long-term risk shared by all digital systems that will require coordinated upgrades.
Data from Glassnode, however, indicates the market is in an intense bear regime, with unrealized losses equivalent to 16% of the market cap at a $70,000 price point. Glassnode stated this suggests “a capitulation process is underway.”
Bitfinex analysts projected Bitcoin would likely consolidate between $60,000 and $74,000 for a period. They said the market is digesting losses ahead of clearer signals for recovery or further downside.
Bernstein’s outlook remains optimistic, citing the shallow nature of the current pullback. Other market observers maintain a more cautious stance on the near-term price trajectory.
