Bernstein forecasts a prolonged crypto bull run.
Bitcoin is expected to hit $200K by early 2026.
Institutional adoption is the main growth driver.
Analysts at Bernstein have made bold claims about the future of the crypto market, predicting a “long and exhausting” bull run that could extend all the way into early 2026. Their optimism is grounded in the continued rise of institutional adoption and large-scale interest in Bitcoin and other digital assets.
With traditional finance slowly warming up to crypto, asset managers, hedge funds, and even pension funds are stepping in. Bernstein believes this growing trust from institutions will create strong upward pressure on the market. These long-term players often bring larger investments and long holding periods, adding more stability and driving momentum.
$200K Bitcoin Target Still on Track
Bernstein has maintained its ambitious $200,000 price target for Bitcoin by early 2026. While that might seem lofty, the firm points to historical patterns and the current economic setup as supporting factors.
The recent approval of Bitcoin spot ETFs in the U.S., increased crypto allocations from wealth managers, and growing infrastructure for custody and compliance are all seen as major stepping stones toward that target. According to Bernstein, this is not just a hype cycle but a fundamental shift in how institutions view digital assets.
NEW: Bernstein analysts expect a "long and exhausting" crypto bull market extending into 2026, driven by institutional adoption and maintain their $200,000 $BTC target by early 2026. pic.twitter.com/3nStjx6PZO
— Cointelegraph (@Cointelegraph) July 15, 2025
A Bull Market With a Different Pace
Unlike previous crypto bull runs, which were marked by wild volatility and short-lived surges, Bernstein expects this one to be “exhausting” — not because of its weakness, but because of its length and complexity. The journey to $200K won’t be a straight line. Instead, we may see longer consolidation periods, more regulation news, and slower, steadier growth.
For investors, that means patience and strategy will be key. As institutional players shape the market, retail investors will likely need to adjust expectations and timelines.
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