Bitcoin has pulled back after hitting a new high of $124,128, but Wall Street investment bank 'Bernstein' believes that the long-term bullish pattern remains unchanged and expects this bull market may no longer be limited to the traditional '4-year cycle' but will extend all the way to 2027.
Bernstein analysts stated on Tuesday that benefiting from a friendlier U.S. policy environment and accelerated institutional fund inflows, Bitcoin is expected to soar to the range of $150,000 to $200,000 in the next year.
Bernstein also emphasizes that the Trump administration is at a critical moment of 'full sprint,' aiming to make the United States the 'global cryptocurrency capital,' which will open up a longer upward cycle for the market than ever before.
Analysts Gautam Chhugani and Mahika Sapra wrote:
We expect this wave of cryptocurrency bull market to continue until 2026 and possibly peak in 2027.
In terms of individual stock ratings, Bernstein has given optimistic expectations to several companies involved in the cryptocurrency business.
Robinhood (HOOD): Target price significantly raised from $105 to $160
The report points out that Robinhood's cryptocurrency trading volume reached $16.8 billion in July this year, with a month-on-month growth rate of 110%, while the stock and options trading business also remained strong.
Recently, Robinhood acquired the established European exchange Bitstamp, entering a market primarily focused on institutional investors, and launched staking and tokenization products in Europe, seen as a driver for future growth.
Bernstein believes that the diversified business model allows Robinhood to enjoy the benefits of the cryptocurrency market while avoiding the volatility risks common to cryptocurrency exchanges.
Coinbase (COIN): Target price raised to $510
Bernstein points out that Coinbase's trading volume exceeded $100 billion in July this year, with trading revenue growing by an average of 44% compared to the previous quarter.
Analysts believe that after Coinbase acquires Deribit, it will inevitably expand its derivatives (such as perpetual contracts) business, which is expected to further strengthen revenue momentum.
At the same time, Coinbase plays a key role in promoting the adoption of the USDC stablecoin (issued by Circle), combined with its vision of being a 'one-stop shop exchange' covering spot, derivatives, tokenization, and infrastructure cooperation with banks and fintech companies, which will make Coinbase the 'AWS of the crypto world.'
Circle (CRCL): Maintain target price unchanged at $230
Bernstein estimates that by 2026, the supply of USDC will increase from the current $68 billion to $99 billion, and surge to $173 billion by 2027.
Analysts believe that USDC has become a core liquidity pillar for DeFi; coupled with Circle's expansion of partnerships with banks and payment providers, this will further solidify its market position and help offset the revenue pressure caused by declining interest rates.
In addition, Circle's launch of the payment-oriented Arc blockchain and the increase in on-chain settlement market share will become long-term differentiated advantages.
Bernstein also emphasizes that today's cryptocurrency bull market is no longer dominated solely by Bitcoin; Ethereum, Solana (SOL), and DeFi tokens will also drive the next wave of growth, with broader market participation than before, leading to continued capital inflow into trading platforms and stablecoin issuers.
The bull market 'war of attrition' is about to begin! Bernstein firmly believes 'Bitcoin will reach $200,000 in 2026.'
"The cryptocurrency bull market is strong until 2027! Bernstein: Bitcoin could reach $200,000 within a year" was first published on (Blockke).
