In a note to investors, analysts from broking firm Bernstein forecast that the current Bitcoin bull market could extend up to 2027, breaking the regular 4-year cycle. This surge is predicted to raise the price of the cryptocurrency to approximately $150,000 to $200,000 USD within the next 6 to 12 months, in what the firm is calling a “long, exhausting bull run”.
This report is quite a bullish outlook on the crypto market, but it’s not the first time Bernstein analysts, led by Gautam Chhugani, have had such a viewpoint.
In early 2024, they predicted that the Bitcoin price could hit $80,000 by the end of the year. This proved to be quite accurate, with the crypto trading above $100,000 for the first time in DTheber 2024.
Bernstein’s report comes a week after Bitcoin hit a new all-time high of $124,495.51 on August 14. It has since dropped to around $113,000 in a week, but Bernstein analysts remain bullish on the crypto’s long-term prospects.
Trump’s pro-crypto policies as a major catalyst
A major reason why Bernstein analysts are so confident that Bitcoin will break its 4-year cycle is the favourable crypto policies that have been rolled out by the Trump administration.
In a note to clients, the analysts wrote, “We believe we are in the middle of a digital assets revolution backed by regulatory reform…. Now we believe the Trump admin. is in mission-critical mode (incl. SEC/CFTC) to build the U.S. into the crypto capital of the world, so the market peak is not anywhere near. The U.S. expects a long crypto bull market, continuing the surge into 2026 and potentially peaking in 2027.”
This points to several favourable measures taken by the Trump administration, which started right after winning the 2024 US elections. Trump promised a raft of crypto-friendly policies during his campaign, including a strategic Bitcoin reserve and crypto legislation.
Three days into his second tenure, he signed an executive order that established a digital assets working group made up of top figures in his administration, with the role of ushering in a new era of crypto in the U.S.
In July, the group released a 166-page report that detailed the administration’s new approach to crypto. This came days after the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS) Act was signed into law. The legislation established a clear framework for dollar-backed stablecoins, which requires 100% reserve backing and monthly public disclosures.
The Securities and Exchange Commission chair, Paul Atkins, then announced an initiative dubbed “Project Crypto” that will turn the U.S. into the “crypto capital of the world.”
“Under my leadership, the Commission will encourage our nation’s builders rather than constrain them with red tape and one-size-fits-all rules,” Atkins said.
Broadening to other assets
As the crypto market continues to grow, Bernstein analysts are also predicting a strong “altcoin season. “The two coins that are positioned to benefit the most are Ethereum and Solana, although Bernstein didn’t provide specific forecast figures for the season.”
These two are projected to benefit from the growth of the overall crypto ecosystem. They are key in decentralised finance (DeFi) and staking, areas that have continued to grow over the last few years. This is further expanded by the fact that more institutions have started building on these two infrastructures, so they could experience the wider adoption that Bitcoin has had in the recent past.
The forecast is in line with the current trajectory of Ether and Solana. The former has soared 150% since the April market lows, while Solana is up 70% over the same period.
Stock targets upgraded
The positive crypto market outlook has also made Bernstein raise targets for several crypto-related stocks. Coinbase (COIN), Robinhood (HOOD), and Circle Internet Group (CRCL) all carry “Outperform” ratings from the investment firm.
Based on the report, analysts see Coinbase benefiting from its wider set of trading products, which include perpetual futures and options. It now has a target of $510, and the exchange has just reported some of its highest monthly trading volumes of 2025 during July.
Robinhood added crypto staking services in June, and the “diversified equities-crypto-financial services business model makes it more predictable.” Bernstein has increased its target from $105 to $160, with estimated earnings growth of 53% through 2027.
Circle Internet Group, which is the issuer of the USDC stablecoin, now has a $230 price target. This is attributed to the increasing stablecoin supply, which is projected to grow from $61 billion to approximately $220 billion by 2027.
Since February, current stablecoin reserves have grown 20%, with the value now being $160 billion. Approximately $32 billion is directly on exchanges, which is a recipe for potential market rallies, according to analysts.
A rebound in trading volumes
Although crypto prices have been growing steadily, trading volumes significantly declined mid-year, after the highs of January 2025. And on most major crypto exchanges, they remain well below the levels seen in previous bull markets, specifically 2021.
In that year, the high trading volume was mainly driven by the rise of decentralised finance (DeFi) and NFTs. The daily trading volumes frequently exceeded $100 billion and even broke the $200 billion mark at the peak of the decentralised
In the 2024 post-election period, the numbers went as high as $126 billion, which was a significant increase from averages of about $35 billion. However, by March 2025, the numbers had gone down to pre-election levels.
As the current crypto expands to other coins, Bernstein analysts expect that trading volumes will rebound in the second half of the year. “We expect continued growth into 2026 and volumes peaking in 2027,” they wrote.
This is in line with recent market changes, with Robinhood and Coinbase reporting their highest monthly levels of 2025 in July. Spot trading volumes across the market also rose by over 50% in July 2025, reaching their highest level since February.
If the bull cycle makes a departure from previous patterns as Bernstein predicts, the numbers will continue to grow, and investors will see continued growth in their digital assets well beyond the timeframes suggested by previous market cycles.
