Bernstein: Crypto bull market may continue until 2026, with Bitcoin expected to reach $200000 by the end of this year or early next year

According to The Block, Bernstein analysts expect the cryptocurrency bull market to continue until early 2026 and reiterated their prediction that "Bitcoin will reach $200000 by the end of 2025 or early 2026. On July 14th, Bitcoin broke through a record high of $123000. Analysts pointed out that this cycle is dominated by institutions, which is different from the previous retail driven model. The total asset management scale of Bitcoin ETFs has exceeded $150 billion, of which BlackRock IBIT accounts for $84 billion. The report states that the GENIUS Act and Clarity Act in the United States will accelerate the compliance process, with companies such as Circle, Coinbase, and Robinhood benefiting as core regulated platforms. In addition to Bitcoin, networks such as Ethereum and Solana have gained growth momentum due to the trend of asset tokenization, and the stablecoin market size has approached $250 billion. Analysts believe that blockchain is building a new Internet native financial system, but remind that the process of market expansion may be "long and tired". Bernstein disclosed that some of its affiliated institutions are Coinbase and Robinhood market makers, and may receive investment banking service compensation from Circle. Analysts personally hold multiple cryptocurrency positions.