BlockBeats News, February 9th, Research and brokerage firm Bernstein’s analyst reiterated a long-term bullish view on Bitcoin, stating that the current pullback is the weakest bear market scenario the asset has faced so far, not undermining its broad adoption prospects or investment logic.
Lead by analyst Gautam Chhugani, the analyst team wrote in a report to clients on Monday: “We are experiencing the weakest bear market scenario in Bitcoin’s history.” They noted that the recent price weakness reflects a crisis of confidence rather than any underlying system flaws, and maintained their target price of $150,000 for Bitcoin by the end of 2026.
The company stated that typical catalysts associated with past Bitcoin declines have not occurred, emphasizing that there has been no major bankruptcy event, no hidden leverage discovered, or no systemic collapse. Instead, analysts pointed out evidence of a strong institutional coordination effect in the current cycle, including a Bitcoin-friendly U.S. president, the adoption of a spot Bitcoin ETF, increasing corporate treasury allocations, and continued involvement of large asset management institutions.
Addressing concerns about Bitcoin’s recent underperformance compared to gold in macro fluctuations, Bernstein analysts argued that Bitcoin is still primarily traded as a liquidity-sensitive risk asset, rather than a mature safe-haven asset. They stated that a tight financial environment and high interest rates concentrate returns on a few asset classes, such as precious metals and AI-related stocks; while Bitcoin’s ETF infrastructure and corporate funding channels are ready for inflows when liquidity conditions improve in the future.
The analysts also rebutted claims that Bitcoin is losing relevance in an AI-driven economy. They believe that with the rise of OpenClaw, blockchain and programmable wallets are well suited to the emerging “agentized” digital environment, as autonomous software agents require a global, machine-readable financial rail. They pointed out that compared to traditional banking infrastructure limited by closed APIs and legacy integration challenges, blockchain systems have the advantage.
Regarding quantum computing risk, Bernstein acknowledged the potential cryptographic threats in the future but stated that Bitcoin is not the only area facing this risk. The company believes that all critical digital systems face similar challenges and will collectively transition to quantum-resistant standards. The report added that Bitcoin’s transparent codebase and the deepening involvement of well-funded major stakeholders like Strategy enable it to adapt in sync with other financial and government systems.
