The research analysts pointed to tight liquidity and macro pressure as drivers of the decline, while noting that spot Bitcoin ETFs have seen relatively modest outflows.
Bernstein analysts on Monday maintained their $150,000 target for Bitcoin (BTC) despite the recent sell-off that they said was being driven by lacking investor confidence rather than structural stress.
Calling the pullback the “weakest bear case” in the asset’s history, the analysts’ note to investors said no major failures have emerged across Bitcoin’s market plumbing, and pointed to relatively modest 7% net outflows from spot Bitcoin ETFs even as BTC price dropped by about 50%.
“The current Bitcoin price action is a mere crisis of confidence. Nothing broke, no skeletons will show up,” analysts led by Gautam Chhugani said.
