In a note to clients, the firm projected that the world’s largest cryptocurrency could climb as high as $200,000 within the next year, extending what they describe as a “long, exhausting bull run” that could last until 2027.
Bernstein’s digital assets team, led by Gautam Chhugani, argued that the U.S. is entering a new era of crypto adoption, with support from regulatory reforms and the Trump administration’s aggressive efforts to establish the country as the global hub for digital finance.
Several recent developments have fueled optimism. President Trump signed an executive order allowing cryptocurrencies and alternative assets into 401(k) retirement plans, potentially unlocking billions in fresh demand. SEC Chair Paul Atkins launched “Project Crypto” in July to simplify regulatory oversight, while the passage of the GENIUS Act created the first federal framework for stablecoins.
Bitcoin, which hit an all-time high of $123,500 last week before easing back to around $113,000, is expected by Bernstein to continue pushing higher through the rest of 2025. “We believe we are still early in the crypto cycle,” the firm wrote, forecasting that BTC will not only retest its record but likely surpass $150,000 on the way to $200,000.
Bernstein also expects the rally to spill into other major tokens, including Ethereum and Solana. Both have staged strong recoveries this year, with ETH up more than 150% from April lows and SOL gaining over 70%. Analysts pointed to increasing corporate adoption, with firms adding crypto to their balance sheets in a strategy reminiscent of MicroStrategy’s massive Bitcoin bet.
“Institutions are beginning to build on blockchain infrastructure in ways that could replace legacy banking systems,” said Chris Robins, head of growth at Axelar.
The bullish view has extended to equities tied to the sector. Bernstein raised its price target on Robinhood to $160, citing surging retail participation, and reaffirmed its “Buy” rating on Coinbase. The firm also highlighted Circle, the USDC stablecoin issuer, which has soared nearly 500% since going public in June.
Outlook
With Washington pushing crypto deeper into mainstream finance and institutions accelerating adoption, Bernstein sees no near-term top in sight. If the firm’s forecast proves right, Bitcoin’s latest breakout may only be the beginning of a multi-year run that could redefine the global financial landscape.
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