Bernstein Forecasts $150K–$200K Bitcoin Amid Extended Bull Run

Bernstein analysts expect Bitcoin and other digital assets to remain in a prolonged bull cycle through 2027, driven by U.S. policy support and institutional adoption.

Bitcoin remains the anchor of Bernstein’s latest outlook on digital assets. The brokerage forecasts that the cryptocurrency could trade between $150,000 and $200,000 within the next year, despite recent pullbacks.

Last week, Bitcoin reached an all-time high of $124,457. Since then, it has fallen to around $112,000, marking a 5.5% drop over the past seven days. Analysts argue this volatility is typical in long bull markets and does not undermine the broader upward trend.

Meanwhile, SEC Chair Paul Atkins has introduced “Project Crypto,” an initiative aimed at creating simpler and clearer regulations for the industry. 

The GENIUS Act, passed last month, introduced the first federal framework for U.S. dollar-backed stablecoins. Together, these measures are seen as laying the foundation for sustained growth in the sector.

Altcoins Set to Join the Momentum

While Bitcoin dominates the outlook, Bernstein also expects other digital assets to play a significant role. The firm predicts that Ethereum and Solana could lead the next phase of the cycle. Their rise would be fueled by interest rate cuts, greater demand for decentralized finance, and renewed enthusiasm for staking.

Since April, Ethereum has surged more than 150%, while Solana has climbed nearly 70%. Analysts attribute this performance to the expanding use of blockchain platforms for smart contracts, decentralized finance, and tokenized payments.

The trend points to a broader market upswing, with capital potentially flowing beyond Bitcoin into leading altcoins, raising the prospect of a new “altcoin season.”

Institutional Platforms Powering Growth

Institutional adoption of digital assets is a central theme in Bernstein’s report. Trading platforms such as Coinbase and Robinhood are highlighted as beneficiaries of the bull cycle.

Coinbase (COIN), with a revised price target of $510, processed over $100 billion in trading volumes in July. This represented a 44% increase compared with the previous quarter. Its expansion into derivatives, along with the $2.9 billion acquisition of Deribit, positions the exchange to become what Bernstein calls an “everything exchange”. Analysts also highlighted Coinbase’s role in driving USDC adoption as a catalyst for growth.

Meanwhile, Robinhood (HOOD) saw its crypto trading volumes reach $16.8 billion in July, a 110% month-on-month increase. Bernstein raised its target for the company to $160. It cited the acquisition of Bitstamp and expansion into Europe as key growth drivers.

Stablecoins at the Heart of Digital Finance

Stablecoin issuer Circle also features in Bernstein’s analysis. The firm maintained its $230 price target for Circle’s stock. It expects this outlook based on the supply of USDC, which it projects will grow from $68 billion today to $99 billion in 2026 and $173 billion by 2027.

Analysts view Circle as a critical player in digital finance, with its Arc blockchain, partnerships with banks, and expanding role in on-chain payments making it a cornerstone of liquidity for decentralized markets.

A Multi-Year Digital Asset Supercycle

Essentially, Bernstein’s forecast paints a picture of a multi-year supercycle for Bitcoin and digital assets, extending well past earlier expectations. The brokerage believes the convergence of policy support, institutional adoption, and technological innovation will sustain growth into 2027, marking one of the longest bull runs in crypto’s history.