In its latest investor note, Bernstein reiterates its belief in the continuation of a “long, exhausting” bull cycle in the cryptocurrency market, despite recent setbacks.
The brokerage firm argues that U.S. political support and institutional adoption may extend the current cycle beyond the traditional four-year model. The note projects that Bitcoin (BTC) 
$115,511 could climb to a range of $150,000 to $200,000 within the next 12 months.
Extending the Bull Market: A New Timeline
Analysts Gautam Chhugani and Mahika Sapra from Bernstein suggest that the U.S. government’s ambitions to turn the country into the “world’s cryptocurrency capital” are at a critical stage. They anticipate that the bullish trend could continue into 2026, with a possible peak in 2027.
The report asserts that this cycle won’t be confined to Bitcoin. Ethereum (ETH) 
$4,294, Solana 
$182 (SOL), and DeFi-focused altcoins could fuel the next leg of the rally. The expectation is based on supportive grounds for fund flows directed toward trading platforms and stablecoin issuers.
According to CoinMarketCap, standout DeFi-focused altcoins include Chainlink 
$24 (LINK), Hyperliquid (HYPE), Stellar (XLM), Uniswap (UNI), and Polkadot (DOT).
New Target Prices for Coinbase and Robinhood
Bernstein has raised Robinhood’s (HOOD) target price from $105 to $160. This is attributed to factors such as a 110% monthly increase in crypto trading volume on the app, increased activity in stock and options, the acquisition of Bitstamp broadening its institutional user base, and the introduction of staking and tokenized products in Europe. The firm believes Robinhood’s diversified model makes it less prone to cryptocurrency volatility compared to pure exchange stocks.
For Coinbase (COIN), the target price is set at $510. Analysts highlight more than $100 billion in trading volume in July, a 44% increase in transaction revenue over the quarterly average, growth in perpetual futures, and the integration of Deribit’s options platform after a $2.9 billion agreement. Coinbase’s role in accelerating USDC adoption and its “everything exchange” vision are noted as catalysts for the second half of the year.
For Circle (CRCL), a target of $230 remains. The note forecasts USDC supply to rise from $68 billion to $99 billion by 2026 and $173 billion by 2027. Payment-focused Arc Blockchain and partnerships with banks are marked as strategic differentiators.
