TLDR
- Bitcoin could reach $150,000-$200,000 within 6-12 months, breaking traditional four-year market cycles
- Bernstein extends crypto bull market forecast to 2026-2027 due to Trump administration pro-crypto policies
- Altcoin season expected with Ethereum and Solana leading the next growth phase
- Major crypto stock targets raised: Coinbase to $510, Robinhood to $160, Circle to $230
- Stablecoin reserves hit $160 billion with $32 billion on exchanges creating potential rally fuel
Investment firm Bernstein has extended its crypto market forecast, predicting Bitcoin could continue surging through 2026 and potentially peak in 2027. The analysts believe the traditional four-year Bitcoin cycle may be broken due to policy changes under the Trump administration.
Bitcoin currently trades around $114,000 after setting a new all-time high above $124,000 last week. The cryptocurrency has dropped 5.5% over the past seven days but analysts remain bullish on its long-term prospects.
Bernstein now sees Bitcoin reaching between $150,000 and $200,000 within the next six to twelve months. This represents a departure from historical patterns where Bitcoin peaked around $68,000 in 2021 and $20,000 in 2017.
The investment firm credits President Trump’s efforts to make America the “crypto capital of the world” as a key driver. They describe these efforts as “mission-critical” and believe regulatory support will fuel continued growth in digital assets.
Bernstein analyst Gautam Chhugani noted that earlier expectations were for Bitcoin to top out in 2025 or early 2026. However, policy support under the current administration has extended the expected cycle duration.
The analysts believe they are witnessing “the middle of a digital assets revolution backed by regulatory reform.” This regulatory clarity is expected to drive institutional adoption and market growth.
Altcoin Season Expected to Emerge
Beyond Bitcoin, Bernstein expects an “altcoin season” to emerge as the bull market broadens. Ethereum and Solana are positioned to “potentially lead the next leg of the digital assets cycle.”
Interest rate cuts are expected to spur risk-on sentiment and renewed focus on decentralized finance and staking. These factors could benefit alternative cryptocurrencies that offer yield-generating opportunities.
DeFi protocols experienced massive growth in 2020, becoming a multibillion-dollar industry. As on-chain yields return to focus, digital asset treasury firms built around Ethereum and Solana are expected to scale up operations.
Crypto Stock Targets Raised
The positive crypto outlook has led Bernstein to raise price targets for several crypto-related stocks. Coinbase received an upgraded target of $510, while Robinhood’s target increased to $160 from $105.
Circle Internet Group, the issuer of USDC stablecoin, received a $230 price target. All three companies carry “Outperform” ratings from the investment firm.
Robinhood has made its business model “more predictable” by adding crypto staking services in June. This reduces the company’s reliance on volatile trading revenues and provides steady income streams.
Coinbase is expected to benefit from a wider set of trading products, including perpetual futures and options. The exchange has reported some of its highest monthly trading volumes of 2025 during July.
Circle stands to benefit from USDC expansion, with stablecoin supply projected to grow from $61 billion to approximately $220 billion by 2027. Current stablecoin reserves have reached $160 billion, representing a 20% surge since February.
About $32 billion sits directly on exchanges, creating what analysts call “dry powder” for potential market rallies. Trading volumes are projected to surge through 2026 and peak in 2027, with the Trump administration’s pro-crypto stance providing extended support.
