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Analysts at Wall Street firm Bernstein on Monday reiterated their $150,000 target for Bitcoin, noting that the recent downturn was triggered by a lack of investor confidence rather than structural stress.
“Weakest Bitcoin Bear Case In History”
In a note to investors, Bernstein analysts suggested that the recent Bitcoin correction represents the “weakest bear case” the asset has faced in its history and does not challenge the longer-term case for adoption or investment.
“What we are experiencing is the weakest bitcoin bear case in its history,” the analysts led by Gautam Chhugani wrote. They said the recent downturn is driven by waning market confidence rather than structural problems with the network.
“When all stars are aligned, [the] Bitcoin community manufactures a self-imposed crisis of confidence,” Bernstein stated. “Nothing blew up, no skeletons will unravel; [the] media is back again to write an obituary.”
 
The company observed that the usual triggers seen in previous Bitcoin declines have not appeared, pointing out the absence of major collapses, undisclosed leverage, or broader systemic stress.
Instead, the pundits highlighted increasing institutional support — citing a crypto-friendly U.S. president, robust spot Bitcoin ETF inflows, increased adoption by corporate treasuries, and sustained engagement from major asset managers — as signs that the current market cycle is fundamentally different from past downturns.
“They just decide as the world is turning to AI, Bitcoin, and crypto are not interesting anymore. And not that Bitcoin investors were the best quantum physics experts, they decide quantum is a bigger threat to Bitcoin than the banking industry and other mission-critical systems. Time remains a flat circle on Bitcoin,” they added.
Evaluating The Bearish Narratives Around Bitcoin
Commenting on concerns about Bitcoin’s recent weaker performance compared with gold, Bernstein said the cryptocurrency is still treated more like a liquidity-sensitive risk asset than an established safe-haven investment.
According to the analysts, restrictive financial conditions and higher interest rates have directed investor flows toward artificial intelligence–related stocks and precious metals, capping Bitcoin’s short-term gains even as adoption continues to grow.
The report also challenged a number of developing risk narratives, dismissing claims that artificial intelligence is siphoning investment away from crypto or that quantum computing presents an immediate danger to Bitcoin.
Bernstein analysts posited:
“Framing quantum computing as a Bitcoin-killer ignores the timeline, the upgrade path and the fact that the entire digital world shares the same vulnerability and will migrate together.”
After reviewing the dominant bearish arguments, Bernstein said Bitcoin is positioned to climb to fresh highs as liquidity conditions ease, reiterating its price target of $150,000 for 2026.