Bernstein reiterated its $150,000 Bitcoin (CRYPTO: BTC) price target for 2026, calling the current downturn the “weakest bear case” in the asset’s history and arguing the 50% crash reflects a confidence crisis rather than structural damage.

The Weakest Bear Case Ever

Bernstein analysts led by Gautam Chhugani said this downturn is unlike previous Bitcoin crashes because nothing actually failed according to the Block.

“Nothing blew up, no skeletons will unravel,” they wrote. “When all stars are aligned, the Bitcoin community manufactures a self-imposed crisis of confidence.”

What makes this different: A pro-Bitcoin U.S. president is in office, Bitcoin ETFs are trading…

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