Bernstein analysts reiterated a bullish long-term outlook for bitcoin, calling the current bitcoin price downturn the “weakest bear case” in the asset’s history and maintaining a $150,000 price target by the end of 2026.

The research and brokerage firm argued that the recent drawdown reflects a crisis of confidence rather than structural damage to bitcoin’s network or investment thesis.

“What we are experiencing is the weakest bitcoin bear case in its history,” the analysts wrote, adding that none of the typical catalysts behind past crypto winters have emerged.

Bernstein said previous bear markets were driven by major failures, hidden leverage, or systemic…

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