TLDR
Bitcoin could reach $150,000-$200,000 in the next 6-12 months
Bernstein analysts predict crypto bull market will continue into 2026, potentially peaking in 2027
Trump administration’s crypto-friendly policies are extending the market cycle
Ethereum and Solana expected to lead the next phase of market growth
Stablecoin reserves have grown 20% since February, with $32 billion on exchanges
The cryptocurrency market is set for an extended bull run that could last until 2027, according to a new report from investment firm Bernstein. The analysis, released Tuesday, suggests Bitcoin’s price could reach between $150,000 and $200,000 within the next six months to a year, a prediction that challenges Bitcoin’s historical four-year market cycles.
Bitcoin is currently trading around $113,000, having recently set a new all-time high above $124,000 before cooling off. This represents a 5.5% drop over the past seven days, according to data from CoinGecko.
Analysts at Bernstein, led by Gautam Chhugani, had previously expected the market to peak in 2025 or early 2026. However, they now believe the cycle will extend further due to supportive policies from the Trump administration.
The push to make America the “crypto capital of the world” appears to be “mission-critical” for President Donald Trump, the analysts wrote. This regulatory support is a key factor in their revised timeline for the crypto market peak.
Altcoin Season on the Horizon
As the bull market broadens, Bernstein expects Ethereum and Solana to potentially lead the next phase of the digital assets cycle. Interest rate cuts could spur risk-on sentiment and renewed focus on decentralized finance (DeFi) and staking, though the firm did not issue specific price targets for these cryptocurrencies.
The analysts predict that digital asset treasury firms built around Ethereum and Solana will continue to scale up. Unlike their Bitcoin-focused counterparts, these companies can engage in activities like staking to earn yield.
Current market data shows high stablecoin reserves, which some analysts interpret as a bullish signal. According to a Monday report by CryptoQuant contributor XWIN Research Japan, stablecoin supply has reached $160 billion, representing a 20% increase since February, with $32 billion parked directly on exchanges.
These levels have historically preceded major rallies in Bitcoin and Ethereum, suggesting that investors are accumulating “dry powder” that could fuel further market growth.
Investment Implications
The extended bull market has investment implications for crypto-related stocks. Bernstein maintains “Outperform” ratings on Coinbase, Robinhood, and Circle Internet Group, with raised price targets of $510, $160, and $230, respectively.
Robinhood has made its business model “more predictable” with crypto, according to the analysts. The retail brokerage began letting U.S. customers stake digital assets in June, reducing its reliance on volatile trading revenues.
Despite Bernstein’s optimistic outlook, Robinhood shares fell nearly 6% on Tuesday to about $108. However, as the company has leaned into crypto, its shares have nearly tripled from $38.54 year-to-date.
Circle is expected to see strong upside from USDC expansion, with stablecoin supply projected to grow from $61 billion to about $220 billion by 2027.
Trading volumes across the sector have shown strength recently. Crypto activity in July surged, with both Robinhood and Coinbase reporting their highest monthly levels of 2025 so far.
The cryptocurrency market continues to evolve, with this potential extension of the bull cycle marking a possible departure from previous patterns. If Bernstein’s predictions hold true, investors may see continued growth in digital assets well beyond the timeframes established in previous market cycles.
