Bernstein said Bitcoin may have found a market bottom after a stretch of sharp volatility and correction, while keeping its earlier $150,000 price target for 2026. The firm pointed to signs of stabilization even as price swings remain in place.
According to the report, Bitcoin is down about 50% from its all-time high, but on-chain metrics and trading activity still show steady demand from large investors. Spot market volume and ETF volume have both remained resilient, suggesting that interest in the asset has held up during the drawdown.
On-chain signals and trading activity remain in focus
Bernstein described the current setup as “a potential base for future growth.” In its view, institutional market activity could be central to any recovery process. The report also highlighted ongoing corporate accumulation and said investors should keep watching institutional flows and macroeconomic drivers that shape Bitcoin price action.
The emphasis was not on short-term price noise alone. Bernstein’s core argument rests on whether demand has stayed intact during the correction, and the firm said on-chain data, spot trading, and ETF activity all point in that direction.
Strategy keeps buying through weak price conditions
Strategy continued to follow its buy-and-hold approach, adding to its Bitcoin position during market weakness instead of reducing exposure. Among public companies with crypto treasury strategies, that stance has kept the company in a distinct position. Its stock is widely viewed as a high-beta proxy for Bitcoin, often moving closely with the underlying asset.
The company disclosed that it had raised $7.3 billion in capital in 2026 to support continued accumulation. Its filings show an ongoing focus on financing flexibility, with both debt and equity instruments used to fund additional purchases. Those purchases were made during softer price periods as part of a long-term value approach across market cycles.
Michael Saylor said that, as of March 22, 2026, Strategy held 762,099 BTC acquired for about $57.69 billion, at an average purchase price of roughly $75,694 per bitcoin. He also said the company acquired an additional 1,031 BTC for about $76.6 million, or roughly $74,326 per bitcoin, indicating fresh buying near market lows.
Institutional participation and fixed supply stay at the center
Analysts continue to track the effect of institutional participation across the Bitcoin market. Ongoing accumulation by major public companies is being treated as a meaningful signal for broader market engagement. Against Bitcoin’s fixed supply cap, capital inflows, corporate reserves, and adoption trends remain central to the medium-term view.
With supply constraints unchanged and large holders controlling a significant share of the network, shifts in institutional positioning and fund flows are likely to remain key inputs for reading market direction.