Analysts at brokerage firm Bernstein have projected that the current cryptocurrency bull market could last until 2027, beyond the usual four-year cycle. In their Tuesday note, analysts Gautam Chhugani and Mahika Sapra forecast bitcoin climbing to a range of $150,000 to $200,000 over the next year, citing U.S. government policy aimed at strengthening the country’s position as a global crypto hub.

They emphasized the impact of institutional adoption in extending the asset class’s growth trajectory, despite a recent decline in prices. Chhugani and Sapra wrote:

We expect a long crypto bull market, continuing the surge into 2026 and potentially peaking in 2027.

The outlook highlighted that momentum is likely to broaden beyond bitcoin, with ethereum, solana, and decentralized finance (DeFi) tokens seen as key drivers of inflows into trading platforms and stablecoin issuers.

Bernstein raised its price targets across several firms. Robinhood was revised to $160 from $105 after reporting July crypto volumes of $16.8 billion, a 110% monthly increase, aided by its acquisition of Bitstamp and expansion into staking and tokenized products in Europe. Coinbase, with July trading activity above $100 billion and a $2.9 billion acquisition of Deribit’s options platform, was given a $510 target as analysts described its “everything exchange” vision across spot, derivatives, tokenization, and infrastructure services.

Circle’s valuation remained at $230, with projections that USDC supply could expand from $68 billion today to $173 billion by 2027. The firm cited Circle’s Arc blockchain and partnerships with banks as supportive factors that lessen exposure to lower interest rates. Although critics argue that volatility and reliance on favorable policy may limit upside, advocates counter that regulatory clarity, institutional involvement, and product diversification could underpin growth into the latter half of the decade.

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