Bernstein Sees Bitcoin Nearing a Bottom, Targets $150,000 by End-2026

Bernstein Research says Bitcoin may have already put in a bottom and could climb to $150,000 by the end of 2026, according to ChainCatcher, citing Bloomberg. The firm argues the crypto market is shifting away from retail-driven speculation toward institutional ownership and financing, creating a more mature structure that can dampen volatility during drawdowns and potentially lengthen the current cycle. Bitcoin has fallen more than 50% from its prior peak of about $126,000 in October last year to roughly $70,000, yet the move did not set off the cascading liquidations seen in earlier cycles, Bernstein said. The firm added that spot Bitcoin ETFs held up through the correction, with outflows later reversing. Banks expanding Bitcoin-related financial services are also opening additional routes for institutional participation. Bernstein highlighted continued accumulation by companies such as Strategy, which has been increasing its Bitcoin holdings using equity and preferred securities financing. The firm said purchases are running ahead of new issuance, absorbing a meaningful share of incremental supply. On the supply side, Bernstein noted long-term ownership remains highly concentrated, with more than 60% of Bitcoin supply dormant for over a year. ETFs hold about 6.1% of total supply. Bernstein said both dynamics can support price stability. The firm said these trends call into question the view that Bitcoin's four-year cycle will peak in 2025, and it projects a potential price of $200,000 by the end of 2027.