Bernstein Maintains $150,000 Bitcoin Forecast Despite Market Pullback

Despite Bitcoin’s recent downturn this month, brokerage firm Bernstein reaffirms its $150,000 price target for Bitcoin by the end of 2026. 

Bernstein’s recent analysis suggests the current downturn is a temporary confidence shock rather than a fundamental breakdown. Its analysts suggested that if liquidity conditions improve, Bitcoin could quickly reassert its growth trajectory toward the $150,000 region by year-end, supported by deeper institutional infrastructure and broader real-world integration. 

Key Points 

• Bernstein reaffirmed its $150,000 Bitcoin price target for end-2026, despite recent market weakness.
• Analysts labeled the pullback the weakest bear case in Bitcoin’s history, stressing it reflects a confidence shock rather than a breakdown in fundamentals.
• Bitcoin’s lag behind gold was expected, as the asset still trades as a liquidity-sensitive risk asset rather than a mature safe haven.
• Bernstein dismissed claims that AI undermines Bitcoin’s relevance, arguing blockchain infrastructure remains essential for agent-driven digital finance.

Bitcoin to $150K Still in Play 

Bernstein analysts, led by Gautam Chhugani, reaffirmed their bullish long-term outlook for Bitcoin, describing the ongoing correction as the weakest bear case in the asset’s history. In a note to clients today, they argued that the pullback, which pushed BTC down to $60,001, reflects a crisis of confidence rather than any failure of Bitcoin’s underlying system or investment thesis.

Moreover, the firm stressed that none of the traditional triggers behind past Bitcoin crashes, including systemic breakdowns, hidden leverage, or major insolvencies, have emerged this cycle. 

Instead, Bernstein said the market is entering an unprecedented phase of institutional alignment, supported by a pro-Bitcoin U.S. administration, accelerating spot Bitcoin ETF adoption, growing corporate treasury exposure, and sustained engagement from global asset managers.

On this basis, the analysts reaffirmed their $150,000 Bitcoin price target by the end of 2026. From current levels at $69,169, Bitcoin would need to gain roughly 117%, implying a market cap of about $3 trillion. 

Why Bitcoin Lagged Gold

Meanwhile, Bernstein addressed concerns over Bitcoin’s recent underperformance relative to gold, which surged to new highs above $5,600 amid broader market stress. The firm said this divergence was expected, noting that Bitcoin has yet to fully mature into a safe-haven asset and continues to trade primarily as a liquidity-sensitive risk asset. 

However, the analysts added that improving financial conditions could reverse this trend, with ETF inflows and corporate capital channels positioned to drive renewed demand for BTC. 

Moreover, Bernstein dismissed claims that Bitcoin is becoming irrelevant in an AI-driven economy. According to analysts, both programmable wallets and blockchain networks are well-suited for emerging “agentic” digital environments that require global, machine-readable financial rails.

Growing Conviction in Bitcoin Surge to $150K and Beyond 

Beyond Bernstein, Standard Chartered analysts also project Bitcoin could reach $150,000, reinforcing the growing consensus among bullish forecasters. However, Bernstein’s $150,000 target for 2026 appears conservative when compared with more aggressive projections from industry leaders.

For instance, Binance’s former CEO Changpeng Zhao (CZ) has described this year as the start of a Bitcoin “super cycle,” suggesting significantly higher upside to around $200,000. Similarly, Jack Mallers, CEO of Twenty One Capital, expects Bitcoin to surpass its October 2025 peak of $126,198 and climb toward $200,000 before the end of 2026.