Bernstein: Bitcoin’s Weakest Bear Market Yet — Nothing Broke

Bernstein says Bitcoin’s recent sell-off reflects fading confidence rather than structural damage, calling it "the weakest bitcoin bear case in its history." The firm sees no major exchange failures, widespread balance-sheet stress, or systemic breakdowns that marked earlier cycles.

It reiterated a $150,000 Bitcoin target for the end of 2026, citing continued institutional adoption, expanding spot ETF infrastructure and expectations for improving global liquidity. The analysts argue the downturn is driven more by sentiment than fundamentals.

"Nothing blew up, no skeletons will unravel," they wrote, adding that worries from AI competition to quantum-computing risks have helped shape a perception-driven pullback. Bernstein also highlighted why Bitcoin has lagged gold under recent macro pressure: it remains a liquidity-sensitive risk asset, more responsive to high interest rates and tighter financial conditions than a mature safe haven.

bitcoin, bernstein, bear market, sell-off, sentiment, spot etf, institutional adoption, liquidity, gold, interest rates