Bernstein forecasts that the crypto bull cycle will last until 2027, instead of the usual 4 years, due to supportive policies from the US and strong institutional participation.

Bitcoin: Could reach $150,000 – $200,000 in the next 12 months.

Robinhood (HOOD): Target price raised from $105 to $160, thanks to a 110% increase in crypto trading volume in July and the acquisition of Bitstamp.

Coinbase (COIN): Target price of $510, with trading volume in July exceeding $100 billion and expansion in derivatives, tokenization, and banking partnerships.

Circle (CRCL): Maintains target of $230; forecasts USDC supply to increase from $68 billion to $173 billion by 2027, due to the role of DeFi as the "liquidity backbone" and banking partners.

Bernstein emphasizes that the next rally will not only rely on Bitcoin but also expand to Ethereum, Solana, and DeFi, driving capital flows into exchanges and stablecoins.