Global financial research and brokerage firm Bernstein described the recent price decline in the cryptocurrency bitcoin as the weakest example of a bear market in the asset’s history. Bernstein’s team continued to keep its bitcoin price target at $150,000 by the end of 2026.
Recent Price Movements in the Markets
The decline in the price of bitcoin in recent weeks has caused concerns in the market. Bernstein analysts noted that this latest decline was not due to a fundamental deterioration in the network structure or investment thesis, but rather a crisis of confidence. It was noted that in similar previous periods, major bankruptcies or financial collapses deeply affected the sector.
The Role of Institutions and Investors
According to Bernstein’s evaluations, unlike previous harsh bear markets, there was no serious systemic crisis or widespread debt problem in the current period. The continued interest of large institutional investors in the market, the growing political support for bitcoin, especially in the US, and the spread of spot bitcoin exchange-traded funds were also highlighted as a key differentiator. In addition, the tendency of corporate treasuries towards bitcoin and the presence of large asset managers in the market also supported this picture.
Analysts noted that bitcoin’s mainstream acceptance story continues. It was stated that with the developing infrastructure and new investment channels, the market can quickly adapt to this situation if liquidity increases again.
Macroeconomics and Bitcoin’s Performance
Recently, criticism has also come to the fore that bitcoin has been relatively left behind by the rise of some assets such as gold and artificial intelligence-related stocks. Bernstein stated that bitcoin is still predominantly traded as a liquidity-sensitive risk asset. Due to rising interest rates and tight monetary policies, returns were concentrated in certain areas during this period.
Analysts have suggested that in recent market conditions, bitcoin’s infrastructure and the willingness of large investors to remain in the market have proven resilient to price fluctuations.
Artificial Intelligence and Quantum Computers Debate
Bernstein’s team also evaluated claims that bitcoin will lose its importance in the new economic order shaped by artificial intelligence. Analysts have argued that blockchains and programmable digital wallets could deliver global, machine-readable digital infrastructure that enables financial transactions by independent software agents.
Concerns that quantum computers will pose a threat to encryption systems in the future were not seen as a unique risk for bitcoin. Bernstein assessed that all critical digital systems will move together to quantum-resistant standards against such risks.
Michael Saylor shared that they are planning a program that will coordinate the crypto and blockchain community on quantum security.
Corporate Participation and Market Resilience
Bernstein stated that concerns that companies’ strategies to purchase large amounts of bitcoin will threaten financial structures may be exaggerated. It was stated that large investors organized their liabilities against long-term declines, and withdrawals from the market did not bring about a mass collapse in large-scale mining companies. For example, it was stated that company balance sheets could be rethought only if bitcoin remains around $8,000 for five years.
In light of all these developments, Bernstein analysts suggested that the current decline in bitcoin price is related to market sentiment and does not appear to be linked to a systemic problem. The level that analysts predicted for bitcoin at the end of 2026 was repeated as $ 150,000.
