Is Bitcoin's pullback just a confidence fluctuation? Wall Street investment bank Bernstein reaffirms: 2026 target price of $150,000

Wall Street investment bank Bernstein’s latest report states that the current Bitcoin pullback is not a structural issue but rather a result of market confidence fluctuations, even describing it as “the weakest bear market in history,” and reiterates that Bitcoin’s price will reach $150,000 by the end of 2026.

Reason for this decline: confidence crisis, not systemic risk

Bernstein points out that past Bitcoin bear markets were usually accompanied by major negative events such as:

Exchange or institutional collapses

Hidden leverage blow-ups

Market liquidity crashes

However, there are no similar systemic shocks currently occurring in the market. Analysts state: “This is the weakest bear market argument in Bitcoin’s history: no blow-ups, no structural problems, only a confidence crisis created by the market itself.” The report believes that when capital shifts to hot narratives like AI and quantum computing, the market short-term neglects Bitcoin’s fundamentals, but the long-term trend remains unchanged.

Logic for $150,000 by 2026: full alignment of institutions and capital structure

Bernstein maintains a long-term bullish outlook, with core reasons including:

Accelerated institutional adoption: ongoing attraction of funds by spot Bitcoin ETFs, increased participation of asset management firms, and more corporate treasury allocations.

Favorable policy and political environment: US government policy stance shifting to support the crypto industry.

Flexible liquidity conditions: ETFs and corporate financing channels can quickly absorb capital when financial conditions loosen.

The report notes that Bitcoin is still primarily a “liquidity-sensitive risk asset,” performing behind gold and some AI concept stocks in a high-interest-rate environment, but once liquidity improves, the potential for capital to flow back remains high.

Bernstein responds to three major market concerns about Bitcoin

Bitcoin losing to gold?

Bernstein believes this reflects tightening capital conditions, not a change in value logic.

AI era marginalizing Bitcoin?

The report instead points out that in an “Agentic AI” environment, autonomous agents require globally accessible, machine-readable payment and settlement systems, which blockchain and programmable wallets perfectly meet. Traditional banks are limited by closed APIs and legacy systems.

Quantum computing threats?

Analysts say that quantum risks are not unique to Bitcoin; all digital financial systems will be upgraded to quantum-resistant encryption standards simultaneously. Bitcoin’s open-source architecture is actually advantageous for long-term adjustments.

Reduced risk of forced Bitcoin sell-offs

The report does not believe concerns about corporate leverage and miner pressure are valid, as the debt structures of holding companies can withstand long-term volatility. For example, when Bitcoin drops to $8,000 and remains there for five years, only then might asset-liability restructuring be necessary. Miners have also shifted toward AI data center power demands, reducing reliance on Bitcoin prices. Analysts believe this indicates that the market’s passive deleveraging and forced selling risks have significantly decreased.

This article: Bitcoin pullback is just confidence fluctuation? Wall Street investment bank Bernstein reaffirms: $150,000 target price by 2026 was first published on Chain News ABMedia.