Bernstein Labels Bitcoin Sell-off as 'Weakest Bear Case' Ever, Maintains $150K Target for 2026

Bernstein's analysts highlight liquidity issues and macroeconomic factors driving Bitcoin's decline, yet spot ETFs show limited outflows.

According to Bernstein, the recent sell-off in Bitcoin is characterized as the most subdued bear case on record. The research team emphasizes that despite the downturn, the outflows from spot Bitcoin ETFs have been relatively minor.

Analysts at Bernstein attribute the current decline to a combination of tight liquidity and broader macroeconomic pressures. They suggest that these factors have contributed to the downward price movement.