No, it's not unstable. The 737 Max exhibits stable pitch behavior along the entire envelope. A lot of people think "unstable" means "it crashes" but these terms have precise meanings.
The 737 Max is a stable airplane. One of the problems it exhibits is that with increasing angle of attack, the stick force does not increase (linearly is the requirement, I think, I'm writing from memory here).
The way you know this is because MCAS moves the horizontal stabilizer directly, and not the control column that the pilot is holding. An anti-stall device like a stick pusher or a stick shaker provides tactile feedback to the pilot via the control column. Moving the horizontal stab directly is (basically) altering the trim of the aircraft. Thus it is a handling-qualities system.