Bernstein's latest report suggests that the cryptocurrency market is currently in a short-term bear cycle but anticipates a reversal within 2026, potentially in the first half of the year. The report forecasts Bitcoin's price to bottom around the $60,000 range, near its previous cycle high, and gradually establish a higher price base. Bernstein attributes this potential turnaround to institutional capital inflows, a converging U.S. policy environment, and sovereign asset allocation strategies, which could make the next Bitcoin cycle the most decisive yet. Despite the current market downturn, ETF outflows remain limited, and miners have not engaged in significant deleveraging. Companies like Strategy Inc. continue to accumulate during the pullback, indicating that Bitcoin's current decline is more of a late-cycle correction rather than the onset of a new crypto winter.