Wall Street firm Bernstein expects the crypto bull market to run longer than previously thought, potentially peaking in 2027 instead of 2025–26, with outperform-rated Robinhood (HOOD), Coinbase (COIN), and Circle (CRCL) all set to benefit, the broker said in a report Tuesday.

Bernstein raised its Robinhood price target to $160 from $105. The shares were little changed at around $115 at publication time.

Analysts led by Gautam Chhugani now see bitcoin hitting $150,000–$200,000 within the next year, but believe the rally will broaden to ether (ETH), solana (SOL) and decentralized finance (DeFi) tokens, positioning Coinbase as the key beneficiary.

Falling rates in late 2025 could boost demand for staking and on-chain yield products, while ether and solana-based treasury strategies may echo Strategy’s (MSTR) bitcoin play but with added yield, the analysts wrote.

Bernstein expects trading volumes to surge into 2026 and peak in 2027, citing momentum already visible in Robinhood and Coinbase activity and a surge in USDC supply.

Coinbase’s expansion in derivatives and Circle’s growing USDC adoption, projected to reach $173 billion by 2027, underpin the broker's bullish view.

Robinhood’s diversified model is expected to deliver a 53% earnings per share (EPS) compound annual growth rate (CAGR) through 2027, supporting its upgraded valuation multiple, the report added.

Read more: Coinbase Is Becoming a Major Ethereum-Focused Player, Bernstein Says

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