Bernstein Sticks to $150K Bitcoin Target Despite Brutal Drop

Bernstein analysts maintain their $150,000 year-end target for Bitcoin despite the crypto's recent 54% price drop from its October peak.

The analysts point out that this decline is smaller than previous cycles' drawdowns of 75-90%, suggesting a more mature market. However, they acknowledge that the current correction remains severe by traditional standards.

Bernstein notes that Bitcoin's flow picture appears less negative than price action alone suggests, with treasury companies and exchange-traded funds bringing in a combined $10 billion in 2026 compared to $60 billion in 2025. Spot bitcoin ETFs recorded $5.5 billion in outflows.

The firm's Strategy has purchased about 175,000 BTC for roughly $14 billion this year, making it a major source of demand. Bernstein says Strategy remains a net buyer of Bitcoin and is unlikely to be forced to sell due to debt obligations or other pressures.