Analyst: Bitcoin’s bear case currently weakest ever maintained
February 10, 2026
Bitcoin saw a slight recovery over the weekend, climbing above $72,000 before retreating back below $70,000 on Monday morning. The digital asset experienced a drop of over 3% in the last 24 hours, causing concern among crypto investors following a tumultuous week where it plummeted to $63,000, its lowest point since October 2024.
Despite the recent volatility in the cryptocurrency market, Bernstein analyst Gautam Chhugani remains optimistic, reiterating his $150,000 price target for bitcoin in 2026. According to Chhugani, the current bear case for bitcoin is the weakest it has ever been, attributing the recent price action to a crisis of confidence rather than any fundamental issues within the asset itself.
Chhugani previously predicted that bitcoin would stabilize around the $60,000 range, marking the bottom of its current cycle. He anticipates a reversal in the first half of 2026, leading to what he calls the asset’s most consequential cycle yet. This positive outlook contrasts with the recent liquidation figures, which showed a decline to $344 million in the past 24 hours after reaching $2.42 billion on February 6, with $1.26 billion in bitcoin liquidations.
On the other hand, data from SoSoValue reveals that bitcoin ETFs experienced $318 million in outflows last week, an improvement from the $1.49 billion outflows recorded in the previous week. Timothy Misir, head of research at Blockhead Research Network, highlights ETF flow data as a crucial indicator of institutional sentiment, suggesting that sustained outflows indicate continued de-leveraging by institutional investors.
Misir further explains that the market is currently navigating a supply battleground, with support around the low $60,000 range and significant resistance near $80,000. Long-term holder data reveals strong accumulation in the low $60,000s, forming a critical support zone, while heavy resistance and distribution near $80,000 indicate a challenging environment for price recovery.
The steady pace of decline in bitcoin’s price has led to 9.3 million bitcoin being underwater at the $70,000 level, the highest level since January 2023. Misir notes that this marks a significant psychological threshold for many late-cycle buyers who are now facing losses. Despite the challenges, he remains cautiously optimistic about the market dynamics, emphasizing the importance of monitoring ETF flows and long-term holder data for insights into future price movements.
