Bernstein has just released a new report, continuing to emphasize the view of a 'long and weary' bull market cycle for crypto, despite prices cooling this week after a breakout near new highs.
Analysts raise the price targets for Coinbase, Robinhood, and Circle, while forecasting that the current bull cycle could last until 2027 — longer than the traditional 4-year cycle — thanks to policy backing from the U.S. and increasing participation from institutions.
On Tuesday, Bernstein stated that Bitcoin could reach $150,000 – $200,000 within the next 12 months, but emphasized that 'the Trump administration is in a critical mode to make the U.S. the crypto hub of the world,' extending growth prospects well beyond previous peaks. 'We expect a long bull cycle, continuing until 2026 and potentially peaking in 2027,' experts Gautam Chhugani and Mahika Sapra wrote.
Robinhood
Bernstein raises the price target for Robinhood (HOOD) stock from $105 to $160, based on July cryptocurrency trading volume reaching $16.8 billion, a 110% increase from the previous month, along with strong growth in the securities and options segments.
Analysts highlight the acquisition of Bitstamp — bringing in a large institutional client base — along with plans to deploy staking and tokenization products in Europe as key drivers. According to Bernstein: 'Robinhood's diverse model provides growth opportunities from crypto but does not experience extreme volatility like pure crypto exchanges.'
Coinbase
For Coinbase (COIN), Bernstein sets a price target of $510/share, based on July trading volume exceeding $100 billion, a 44% increase compared to the previous quarter's average.
The report notes the expansion of the derivatives segment, including perpetual futures contracts, alongside the integration of the Deribit options platform following the $2.9 billion acquisition. Coinbase's role in promoting USDC is also a growth driver for the second half of 2025. Bernstein commented: 'Coinbase's vision to become the 'one-stop exchange' — covering spot, derivatives, tokenization, and infrastructure connectivity with banks and fintech — will make Coinbase the AWS of crypto.'
Circle
With Circle (CRCL), Bernstein maintains a price target of $230. The firm forecasts that USDC supply, currently at $68 billion, could increase to $99 billion by 2026 and $173 billion by 2027.
Experts emphasize the role of USDC as the 'liquidity backbone' in DeFi and the expanding network of banking partners and payment providers will help mitigate the impact of declining interest rates. Circle is also supported by the newly launched Arc payment blockchain and an increasing market share in on-chain payments.
General trend
Bernstein predicts that the crypto cycle will not only revolve around Bitcoin but will also expand to Ethereum, Solana, and DeFi tokens, creating the next breakout phase. This diversity, according to the firm, will sustain capital inflows into trading platforms and stablecoin issuers.
As of the report, HOOD, COIN, and CRCL are trading at $115, $320, and $141, respectively.