Wall Street broker Bernstein believes Bitcoin has likely already bottomed and has reiterated its $150,000 year-end 2026 target. In the firm’s view, the recent drawdown from the highs seen in late 2025 should be understood as a reset in market sentiment rather than a deterioration in the asset’s long-term fundamentals. The main supports behind this outlook are continued spot ETF inflows and growing demand from corporations using Bitcoin as a treasury reserve asset.
Analysts led by Gautam Chhugani singled out Strategy, traded under MSTR, as a key public-market proxy for Bitcoin exposure. According to the report cited by StreetInsider, Strategy now holds roughly 3.6% of the total Bitcoin supply, with those holdings valued at about $53.5 billion. Importantly, the company did not step back during recent weakness. Instead, it continued to add to its BTC position at lower levels and raised $7.3 billion in 2026 to expand its holdings further.
Bernstein also noted rising demand for Strategy’s preferred shares, particularly STRC. The structure of these securities is viewed as attractive because it may help limit dilution to common shareholders while providing the company with steadier, long-duration capital. That matters because Strategy is not simply buying Bitcoin opportunistically. It is building a financing architecture designed to support a long-term Bitcoin treasury strategy through multiple market cycles.
Strategy expands its multi-billion dollar funding capacity to buy more Bitcoin
One of the clearest signals in the report is Strategy’s push to materially increase its ability to raise capital through ATM, or at-the-market, offerings. This mechanism gives the company flexibility to issue securities directly into the market when conditions are favorable, creating an ongoing source of funding that can be deployed into additional Bitcoin purchases. For a firm committed to an aggressive treasury strategy, this financing flexibility is strategically important.
In a disclosure dated March 23, Strategy said it had added Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial as new sales agents under its existing Omnibus Sales Agreement. These firms join an underwriting and distribution syndicate that already included major Wall Street names such as Barclays, Morgan Stanley, TD Securities, and Cantor Fitzgerald. The addition of these agents broadens the company’s capital-markets execution capacity.
With the expanded setup, Strategy can run additional ATM programs tied to its Class A common stock and preferred shares. Specifically, the company may sell up to $21 billion of new common stock, $21 billion of STRC preferred shares, and $2.1 billion of STRK preferred shares. These authorizations are in addition to existing programs. At the same time, the prior STRK ATM program was terminated and replaced with the new $2.1 billion offering.
This matters because it shows Strategy is preparing for continued balance-sheet expansion rather than maintaining its Bitcoin exposure at current levels. In practice, the company is strengthening the machinery it uses to convert market access into BTC accumulation. That is one reason Bernstein continues to treat Strategy as more than just a large Bitcoin holder. It is also a leading indicator of how institutional and corporate demand for Bitcoin is evolving.
Why Bernstein sees the correction as sentiment-driven, not fundamentally bearish
Bitcoin’s pullback from late-2025 highs was sharp enough to shake market confidence, but Bernstein’s core message is that the decline does not represent a broken thesis. Instead, the broker characterizes the move as a temporary cooling-off period in sentiment. This distinction is important. If the drawdown is primarily emotional or macro-driven, then a recovery can still unfold once buyers regain conviction. If fundamentals had truly deteriorated, the price outlook would be very different.
According to the report, the structural forces that matter most remain intact. Spot ETF demand continues to provide a regulated and scalable channel for capital to enter Bitcoin. Corporate treasury demand is also becoming increasingly important, as companies view BTC not only as a speculative asset but as a strategic reserve position. Compared with prior cycles that relied more heavily on retail enthusiasm and exchange-based leverage, the current market structure appears to be supported by deeper institutional participation.
Strategy’s own actions reinforce that interpretation. Rather than slowing purchases after volatility increased, the company continued buying and expanded its financing toolkit. That behavior suggests conviction from one of the market’s most visible corporate Bitcoin accumulators. Bernstein therefore maintains that the medium-term setup still favors upside, especially if institutional flows continue to outweigh temporary bouts of macro fear.
Geopolitical headlines triggered volatility, but Bitcoin still outperformed traditional assets
Short-term price action was also shaped by geopolitical developments. At the start of the week, Bitcoin surged to nearly $71,000 after U.S. President Donald Trump announced a brief pause on planned strikes against Iran. Markets initially interpreted the announcement as a sign of possible de-escalation, which helped risk assets rebound quickly.
That rally later faded when Iran’s Foreign Ministry, through state media, denied that any talks had taken place in the way Trump described. The episode underscored how sensitive crypto markets remain to international political risk, especially when military conflict, sanctions, energy markets, and global liquidity expectations are all interacting at once. Even for an asset with a strong long-term thesis, headline risk can still drive sharp intraday swings.
Yet Bitcoin held up relatively well despite the volatility. The report notes that BTC has still gained roughly 7% since late February, outperforming traditional assets over the same period. That relative strength is important because it supports Bernstein’s broader argument: although Bitcoin remains volatile, it has not behaved like an asset whose core demand drivers are collapsing. Instead, it continues to attract buyers on weakness.
Technical levels to watch: $75,000 as the trigger, $85,000 to $90,000 as the next zone
From a technical perspective, the market currently appears to be in a consolidation phase. The report suggests that if Bitcoin can decisively break above $75,000, the next move could target the $85,000 to $90,000 range. That places significant focus on whether BTC can convert that level from resistance into support in the sessions ahead.
Still, the technical setup does not replace the broader fundamental argument. Bernstein’s view remains anchored in the persistence of ETF inflows, ongoing corporate treasury demand, and Strategy’s ability to continue raising capital for additional Bitcoin purchases. As long as those drivers remain in place, the current trading range may prove to be a pause within a larger uptrend rather than the beginning of a deeper structural decline.
Put together, the article presents a clear framework. Bitcoin is still exposed to macro uncertainty and geopolitical headlines, so volatility should be expected. However, institutional adoption, ETF-related demand, and corporate balance-sheet accumulation continue to offer meaningful support underneath the market. That is why Bernstein remains confident in its view that Bitcoin has likely bottomed and can still work its way toward $150,000 by the end of 2026.