Bitcoin (BTC-USD) reached record highs last week, and analysts at Bernstein believe the cryptocurrency’s rally is far from over. In a client note published Tuesday, Gautam Chhugani and the firm’s digital assets team projected that bitcoin could reach between $150,000 and $200,000 in the next six to twelve months as part of a “long, exhausting bull run” extending into 2027.
“We believe we are in the middle of a digital assets revolution backed by regulatory reform,” Bernstein wrote. The firm highlighted that the Trump administration is focused on making the U.S. a global hub for crypto, working through agencies such as the SEC and CFTC, which suggests the market’s peak is still ahead. Bernstein expects a prolonged crypto bull market continuing into 2026, potentially peaking in 2027.
Bitcoin’s recent surge has been supported by multiple catalysts. Last Thursday, it soared past $123,500, though it was trading near $113,000 on Tuesday. President Trump’s recent executive order allowing cryptocurrencies and alternative assets to enter 401(k) retirement plans has provided institutional tailwinds. Additionally, the SEC’s “Project Crypto,” launched in late July, aims to establish clear regulatory guidelines for digital assets, while the GENIUS Act created the first federal framework for dollar-backed stablecoins.
Bernstein believes that this bull cycle is not limited to bitcoin. Assets like ethereum (ETH-USD) and Solana (SOL-USD) are gaining traction, especially as corporations increasingly add these digital currencies to their balance sheets, mirroring Strategy’s (MSTR) corporate bitcoin treasury strategy. Ethereum and Solana’s blockchain platforms, which allow smart contracts and decentralized applications, are fueling institutional adoption. Ether has climbed more than 150% since April lows, while Solana is up roughly 70% over the same period. Chris Robins, head of growth at blockchain firm Axelar, noted that the rally reflects institutional recognition that these platforms could replace legacy banking infrastructure.
Given the expectation of a sustained bull market, Bernstein raised its price target on Robinhood (HOOD) to $160 from $105 and maintained a Buy rating. Robinhood shares have surged more than 200% since the start of 2025. Peers Coinbase (COIN) and Circle (CRCL) are also seeing strong gains, with Coinbase up 27% year-to-date and Circle up roughly 500% since its June 5 public debut.
Chhugani and the Bernstein team remain optimistic, stating that bitcoin has not yet reached its cycle peak and that new all-time highs are likely before the end of the year. The firm sees this as part of a broader, multi-year expansion in digital assets driven by institutional participation, regulatory clarity, and growing adoption of blockchain-based financial infrastructure.
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