Despite a sharp decline in Bitcoin (BTC) prices since last October, analysts 
at Bernstein argue that the current downturn does not resemble a traditional 
crypto bear market. In a note to clients released on Monday, the firm 
described the pullback as “the weakest Bitcoin bear case in its history,” even 
as the asset has fallen about 44% from its all‑time highs in current trading. 
Bernstein Defends Bitcoin’s Fundamentals The analysis was led by Bernstein’s 
Gautam Chhugani, who said the recent sell‑off reflects a loss of confidence 
rather than deeper structural problems. The analysts emphasized that Bitcoin’s 
core fundamentals remain intact and that the decline should not be mistaken 
for a systemic breakdown. Bernstein reaffirmed its long‑term outlook, 
maintaining a $150,000 price target for Bitcoin by the end of 2026. Related 
Reading: Ethereum Price Set To Break Out Against Bitcoin, But How High Can It 
Go? Bernstein noted that many of the “red flags” that have historically 
preceded major Bitcoin crashes are missing this time. The analyst asserts that 
there have been no large institutional collapses, no exposure of hidden 
leverage, and no widespread failures across the crypto ecosystem. Instead, the 
firm sees a market weighed down by negative sentiment, even as broader 
conditions appear unusually favorable. The analysts pointed to what they 
described as strong institutional support for Bitcoin. This includes a 
pro‑Bitcoin US president, the continued expansion of spot Bitcoin 
exchange‑traded funds (ETFs), growing adoption by corporate treasuries, and 
sustained interest from large asset managers. In Bernstein’s view, these 
factors clearly distinguish the current cycle from past downturns that were 
driven by excess risk and fragile market structures. Holders And Miners Can 
Weather Long Downturn The firm also addressed shifting narratives around 
technology trends. Bernstein noted that some investors now argue Bitcoin has 
become irrelevant as global attention turns toward artificial intelligence 
(AI). The analysts dismissed that view, saying it reflects changing investor 
focus rather than a genuine threat to Bitcoin’s role. They added that fears 
around quantum computing have similarly been overstated, pointing out that 
such risks would affect all critical digital systems, not just Bitcoin. The 
firm further downplayed fears of forced selling driven by corporate treasuries 
or miner capitulation. Bernstein said major companies holding Bitcoin have 
structured their balance sheets to withstand prolonged downturns. Related 
Reading: After Predicting XRP’s Drop, Analyst Says The Bottom May Be In 
Referencing comments from Strategy’s recent earnings call, the analysts noted 
that only an extreme scenario—Bitcoin falling to $8,000 and remaining there 
for five years—would trigger a need for restructuring. Miners, they added, are 
also better positioned than in past cycles. Many have diversified their 
revenue by reallocating power resources toward AI data center demand, reducing 
reliance on Bitcoin mining alone and easing pressure from production costs. As 
of this writing, Bitcoin is trading at $70,627, having recorded losses of 20% 
and 22% over the past fourteen and thirty days, respectively. Featured image 
from OpenArt, chart from TradingView.com

Bernstein Calls Bitcoin Crash A ‘Crisis Of Confidence,’ Maintains $150,000 Target

Ethereum co-founder Vitalik Buterin has once again nudged the crypto community 
toward long-term thinking, using a post on X to revisit the relationship 
between Ethereum, artificial intelligence, and the pursuit of more ambitious 
technological goals. In the tweet, Buterin responds…

Vitalik Buterin rekindles Ethereum–AI debate with subtle AGI nod

Jeff Park, CIO at Procap, explained that bitcoin, as a decentralized asset, 
will shine in what he called a “wartime” period, when the fragmentation of 
world powers and the centralization of the governments’ roles will allow it to 
surge again as a tool to fight capital controls and financial oppression. Jeff 
Park: ‘Wartime Bitcoin’ Will […]

Analyst: Bitcoin Will Shine in a ‘Wartime’ Environment, Becoming the ‘Ultimate Hedge’

South Korea’s Financial Supervisory Service (FSS) has escalated scrutiny of 
major cryptocurrency exchange Bithumb following an unprecedented operational 
mistake in which the firm accidentally credited customers with tens of 
billions of dollars’ worth of Bitcoin. The investigation follows a striking…

South Korea launches probe Into Bithumb after $43B “fat-finger” Bitcoin blunder

The Bitcoin ETF rebound comes as analysts flag slowing outflows, while early 
BTC holders trim positions rather than exit as BTC hovers near $70,000, 
according to Bitwise.

Cryptocurrency price in BTC