Bernstein sees ’a long, exhausting bull run’ for crypto markets

nvestment firm Bernstein is maintaining a highly optimistic outlook for the cryptocurrency market, forecasting a “long, exhausting bull run” that could last well into 2027. This perspective comes despite a recent cooling of crypto prices and is based on several key arguments that point to a fundamental shift in the digital asset landscape.

Here are the key takeaways from Bernstein’s analysis:

Extended Bull Cycle: The firm’s analysts, led by Gautam Chhugani and Mahika Sapra, believe the current crypto bull market will defy the traditional four-year cycle and could peak in 2027. They argue that the market has moved past the “belief” stage and is now seeing on-the-ground adoption and widespread integration with the traditional financial system, backed by regulatory reform.

Bitcoin Price Target: Bernstein has set an ambitious price target for Bitcoin, projecting that it could reach between $150,000 and $200,000 within the next year.

nvestment firm Bernstein is maintaining a highly optimistic outlook for the cryptocurrency market, forecasting a “long, exhausting bull run” that could last well into 2027. This perspective comes despite a recent cooling of crypto prices and is based on several key arguments that point to a fundamental shift in the digital asset landscape.

Here are the key takeaways from Bernstein’s analysis:

Extended Bull Cycle: The firm’s analysts, led by Gautam Chhugani and Mahika Sapra, believe the current crypto bull market will defy the traditional four-year cycle and could peak in 2027. They argue that the market has moved past the “belief” stage and is now seeing on-the-ground adoption and widespread integration with the traditional financial system, backed by regulatory reform.

Bitcoin Price Target: Bernstein has set an ambitious price target for Bitcoin, projecting that it could reach between $150,000 and $200,000 within the next year.

Shift from Retail to Institutional Investors: Unlike previous cycles, Bernstein argues that the current bull run is primarily driven by institutional adoption rather than a frenzy of retail investors. The firm points to record inflows into Bitcoin ETFs and increased corporate interest as evidence of this shift.

Favorable U.S. Policy: The analysts believe that U.S. policy, particularly under the current administration, is becoming increasingly supportive of the crypto industry. They suggest that the government is in “mission-critical mode” to position the U.S. as the world’s crypto capital, which provides an extended runway for growth.

Broadening of the Rally: While Bitcoin is expected to lead the way, Bernstein anticipates that the next phase of the bull market will broaden to other digital assets. They highlight Ethereum, Solana, and DeFi (Decentralized Finance) tokens as key drivers of future inflows into trading platforms and stablecoin issuers.

Focus on Crypto-Linked Stocks: Bernstein has also raised its price targets for several publicly traded companies with significant exposure to the crypto market, including Coinbase (COIN), Robinhood (HOOD), and Circle (CRCL). The firm highlights Coinbase’s “everything exchange” vision, Robinhood’s diversified model, and Circle’s growing USDC adoption as key catalysts for growth.

In essence, Bernstein’s report suggests that the current downturn is a temporary consolidation and that the structural foundation for a prolonged bull market remains strong, fueled by a convergence of favorable policy, institutional capital, and corporate expansion

Shift from Retail to Institutional Investors: Unlike previous cycles, Bernstein argues that the current bull run is primarily driven by institutional adoption rather than a frenzy of retail investors. The firm points to record inflows into Bitcoin ETFs and increased corporate interest as evidence of this shift.

Favorable U.S. Policy: The analysts believe that U.S. policy, particularly under the current administration, is becoming increasingly supportive of the crypto industry. They suggest that the government is in “mission-critical mode” to position the U.S. as the world’s crypto capital, which provides an extended runway for growth.

Broadening of the Rally: While Bitcoin is expected to lead the way, Bernstein anticipates that the next phase of the bull market will broaden to other digital assets. They highlight Ethereum, Solana, and DeFi (Decentralized Finance) tokens as key drivers of future inflows into trading platforms and stablecoin issuers.

Focus on Crypto-Linked Stocks: Bernstein has also raised its price targets for several publicly traded companies with significant exposure to the crypto market, including Coinbase (COIN), Robinhood (HOOD), and Circle (CRCL). The firm highlights Coinbase’s “everything exchange” vision, Robinhood’s diversified model, and Circle’s growing USDC adoption as key catalysts for growth.

In essence, Bernstein’s report suggests that the current downturn is a temporary consolidation and that the structural foundation for a prolonged bull market remains strong, fueled by a convergence of favorable policy, institutional capital, and corporate expansion