Investment bank Bernstein has characterized the current Bitcoin pullback as a crisis of confidence rather than a structural issue, labeling it the "weakest bear market logic in Bitcoin's history." The firm maintains its target price of $150,000 for Bitcoin by the end of 2026. Bernstein highlights that the recent downturn lacks the systemic risks or major collapses typical of past bear markets. The ongoing institutional adoption, spot Bitcoin ETFs, corporate treasury allocations, and improvements in liquidity infrastructure continue to support Bitcoin's long-term investment thesis.