Bitcoin Price Prediction: Bernstein Calls $150K by 2026

​ Bitcoin hovers at $68,400 following a 46% correction from its October 2025 all-time high of $126,000, yet on-chain metrics and institutional flows signal a potential rebound to $85,000-$150,000 by year-end 2026. Bernstein analysts label this ”the weakest bear case in Bitcoin's history,” driven by ETF maturation and post-halving supply dynamics. Whale Positioning: Realized Price Holds Key Support CryptoQuant highlights that whales holding 100-1K BTC have a realized price of $62,000, well below spot, putting many underwater but refusing to capitulate. Net position change for these cohorts turned positive in January (+12K BTC), filtering out exchange operational noise that previously overstated distribution. Long-term holders (coins unmoved 155+ days) accumulated 320,000 BTC since November lows, per Glassnode cross-verification, mirroring 2021 pre-bull phases. This resilience aligns with MVRV Z-Score at 1.8 (neutral) and SOPR rebounding above 1.0, suggesting capitulation complete. Institutional ETF Flows: Supply Shock Accelerator Spot Bitcoin ETFs saw $4.2B net inflows Q1 2026 (BlackRock IBIT +$2.8B), with daily averages 40,000 BTC absorbed, per CryptoQuant, exchange reserves dropped 15% to 2.3M BTC since December, the fastest pace post-ETF launch. Bernstein forecasts ETF AUM hitting $250B by EOY (from $120B), tightening supply as halving effects linger (daily issuance ~450 BTC). Strategy (ex-MicroStrategy) added 1,142 BTC ($78M) this week, pushing corporate holdings to 715K BTC (3.4% supply).​ Analyst Forecasts and Probability Breakdown Catalysts: Fed pause (June cut odds 60%), US Clarity Act (50% Senate pass), nation-state FOMO (Germany sells, El Salvador adds). Firm 2026 EOY Target Key Driver Probability Bernstein $150K ETF $250B AUM High Polymarket $85K (71% odds) March rally 71% Standard Chartered $150K Fed cuts Medium Binance Avg $136K Technicals Avg CoinShares $170K Halving lag Bullish Technical Setup and Risks Daily chart shows RSI 28 (oversold), golden cross pending on 50/200 EMA. Key support $60-62K (realized price + 200-week MA); resistance $75K (Polymarket 54% odds), then $85K. MVRV ratio 1.8 neutral, Puell Multiple 0.85 undervalued. Risks: ETF outflows ($2B Jan precedent), recession (25% odds), regulatory delays. Upside skew favors $100K+ if reserves keep falling. CryptoQuant's exchange reserve plunge – fastest since 2023 banking crisis, paired with whale resilience positions Bitcoin for $120K-$150K 2026 average, with $200K stretch on macro tailwinds.