After reaching a spectacular ATH above $126,000<\/strong>, Bitcoin<\/a> suffered a violent retracement of approximately 50%<\/strong>, returning to test the strategic zone of $60,000 \u2013 $70,000<\/strong> at the beginning of 2026. For many investors, this movement resembles a brutal return of the bear market.<\/strong> However, for Bernstein analysts, this correction should not be interpreted as a structural collapse, but rather as a classic breathing phase in a bull cycle that remains intact.<\/p>\n\n\n\n In their latest report, they describe the current situation as the mildest “worst bear case” in Bitcoin’s history<\/strong>. Unlike previous crypto<\/a> winters marked by systemic bankruptcies (Mt. Gox, FTX) or excessive leverage causing cascading liquidations, the current decline would be essentially psychological. The infrastructure is holding, no major player has collapsed, and the network fundamentals remain solid.<\/strong><\/p>\n\n\n\n