[Bernstein: Bitcoin has broken the 4-year cycle pattern, this bull market may reach a peak of $200,000 in 2027] BlockBeats news, December 8, Wall Street institution Bernstein stated in its latest analysis report: 'Given the recent market adjustments, we believe Bitcoin's cycle has broken the four-year pattern (i.e., a peak occurring every four years). It is currently entering an extended bull market cycle, with more resilient institutional buying offsetting any panic selling by retail investors. Although Bitcoin has retraced approximately 30%, we observe that outflows through ETFs account for less than 5%. Based on this, we have adjusted Bitcoin's target price for the end of 2026 to $150,000 and estimate that the peak of this cycle may reach $200,000 in 2027. Our long-term target price expectation for Bitcoin (through 2033) remains around $1,000,000.'