$BTC – THE ROAD TO $200K? BULL MARKET JUST GETTING STARTED

• INSTITUTIONS DRIVE NEW CYCLE, NOT RETAIL

• BITCOIN SEEN AS GLOBAL HARD CURRENCY ASSETS TOP $150B

Bernstein analysts project a “long and grinding bull market” with $BTC reaching $200K by late 2025 or early 2026. Unlike past cycles, this rally is fueled by institutional adoption, regulatory clarity, and macro conviction.

With Bitcoin ETFs holding $150B+ and firms like MicroStrategy doubling down, structural demand is reshaping crypto’s future.

The next phase? Mass wallet adoption, stablecoin dominance, and tokenized real-world assets.

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