BlockBeats news, on February 9, analysts from Bernstein, a research and brokerage firm, reiterated their long-term bullish view on Bitcoin, stating that the current pullback is the weakest bearish scenario the asset has faced so far and has not weakened its broad adoption prospects or investment logic.
The analyst team led by Gautam Chhugani wrote in a report to clients on Monday: "What we are experiencing is the weakest bear market scenario in Bitcoin's history." They noted that the recent price weakness reflects a crisis of confidence rather than any flaws in the underlying system, and they maintained their price target of $150,000 for Bitcoin by the end of 2026.
The company stated that none of the typical catalysts associated with past Bitcoin declines have appeared, emphasizing that there have been no major bankruptcies, no hidden leverage discovered, or systemic collapse. Instead, analysts pointed out that evidence of the current cycle's significant differences from previous bear markets lies in the strong institutional synergy, including a pro-Bitcoin U.S. president, the adoption of spot Bitcoin ETFs, the increasing allocation of corporate capital, and the continued participation of major asset management firms.
In response to concerns that Bitcoin underperformed gold during recent macroeconomic volatility, 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 the tightening financial environment and high interest rates have concentrated returns in a few asset classes, such as precious metals and artificial intelligence-related stocks; however, Bitcoin's ETF infrastructure and corporate financing channels are already in place to prepare for future inflows when liquidity improves.
Analysts also refute claims that Bitcoin is losing relevance in an AI-driven economy. They argue that with the rise of OpenClaw, blockchains and programmable wallets are well-suited for the emerging "agentized" digital environment, as autonomous software agents require global, machine-readable financial rails. They point out that compared to traditional banking infrastructure constrained by closed APIs and legacy integration challenges, blockchain systems offer distinct advantages.
Regarding the risks of quantum computing, Bernstein acknowledged that the potential cryptographic threats in the future are worth attention, but stated that Bitcoin is not the only field facing this risk. The company believes that all critical digital systems face similar challenges and will transition together to quantum-resistant standards. The report added that Bitcoin's transparent codebase, along with the increasingly deep involvement of large, well-funded stakeholders such as Strategy, enables it to adapt in sync with other financial and government systems.