Bernstein: The short-term crypto bear market may reverse within 2026, with BTC potentially bottoming out in the $60,000 range

According to The Block, investment research firm Bernstein pointed out in its latest report that the crypto market may still be in a short-term bear cycle, but this trend is expected to reverse within 2026. Bitcoin prices may bottom out around the previous cycle's peak (approximately in the $60,000 range) before establishing a higher price base.

The institutional cycle has made this round of market structure different from the previous retail-driven boom and bust. The report noted that U.S. policy dynamics could serve as a catalyst, such as the government using seized Bitcoin to establish strategic reserves and changes in Federal Reserve leadership. Additionally, institutional participation remains resilient, with ETF outflows being relatively limited, and there have been no large-scale leveraged liquidations of miners like in previous cycles.

Corporate holders (such as Strategy) continue to accumulate during the downturn, and miners are also diversifying their income sources into AI-related data center businesses. Bernstein concluded that the current weakness may be a late-stage correction rather than the beginning of a prolonged winter, and the market reversal in 2026 could open up a "most impactful cycle" for Bitcoin.