Investment bank Bernstein has strongly reiterated its highly bullish price prediction for Bitcoin, maintaining a forecast of $150,000 by the end of 2026. According to analysts Gautam Chhugani and Mahika Sapra, the structural shift caused by the introduction of US spot Bitcoin Exchange-Traded Funds (ETFs) has fundamentally altered the cryptocurrency’s investment profile, rendering current bearish arguments largely ineffective.
Bernstein argues that the traditional bear case—often centered on regulatory uncertainty, lack of institutional infrastructure, or cyclical retail speculation—is now the ‘weakest in history.’ The successful launch and sustained inflow into the spot Bitcoin ETFs have provided institutional-grade access to the asset, transforming it into a mainstream investment vehicle for wealth managers and large funds.
The core of the bullish thesis relies on the continued supply crunch following the Bitcoin halving event and overwhelming institutional demand. The ETFs effectively absorb large portions of the newly minted Bitcoin supply, limiting available inventory on exchanges and thereby driving prices upward. Analysts project that significant assets under management (AUM) will flow into these products over the next two years, providing constant buying pressure.
Furthermore, the report highlights that the market has achieved a level of regulatory clarity and infrastructure maturity that mitigates many of the concerns previously cited by skeptics. This normalization, coupled with the ongoing adoption cycle by traditional finance, makes Bernstein confident that Bitcoin is on a sustained trajectory toward its aggressive price target, signaling a decisive shift away from past cycles dominated solely by retail speculation.
Source: ‘Weakest bitcoin bear case in history’: Bernstein reiterates $150,000 price target for 2026
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