Bernstein analysts said they expect the rise of cryptocurrencies to continue for several more years, predicting what they described as a "long bull market for cryptocurrencies, continuing to rise until 2026 and possibly peaking in 2027."
The team, led by Gautam Chughani, pointed out that previous forecasts indicated Bitcoin would peak in 2025 or early 2026, but political support under the Trump administration extended the cycle.
"We believe we are in the midst of a digital asset revolution supported by regulatory reform," they wrote in a note on Tuesday.
Bitcoin is now expected to reach the peak of its cycle at $200,000 within the next 6-12 months, with flows expanding to include Ethereum, Solana, and other leading tokens.
Chughani also highlighted the investment implications of publicly listed stocks linked to cryptocurrencies. Coinbase (NASDAQ:COIN), Robinhood (NASDAQ:HOOD), and Circle Internet Group (NYSE:CRCL) all carry "outperform" ratings, with high price targets of $510, $160, and $230 respectively.
Analysts see Coinbase benefiting from a broader range of trading products, including perpetual futures and options, while "Robinhood's diversified business model in stocks, cryptocurrencies, and financial services makes it more predictable," with expected earnings growth of 53% by 2027.
Circle, the issuer of stablecoins, is expected to see a strong increase from USDC expansion, with stablecoin supply expected to grow from $61 billion to around $220 billion by 2027.
Furthermore, analysts noted a strong recovery in trading volumes across the sector. Cryptocurrency activity rose in July, with both Robinhood and Coinbase reporting their highest monthly levels in 2025 so far.
