Bernstein analysts predict a reversal of the current crypto bear market within 2026, with Bitcoin potentially bottoming at $60,000. Despite trading around $75,000, Bitcoin is down 40% from its all-time high. The report suggests Bitcoin will establish a higher base in early 2026, driven by institutional inflows and U.S. policy changes. The analysis highlights Bitcoin's "institutional cycle" over the past two years, noting a significant increase in the asset under management of spot Bitcoin ETFs to $165 billion. Bernstein anticipates these factors will contribute to Bitcoin's "most important cycle," supported by sovereign asset considerations.