Les analystes de Bernstein suggest that the crypto bull run could last until 2027, supported by institutional adoption and the US’s ambition to become the global crypto capital.
Bitcoin could reach between $150,000 and $200,000 in 2026, according to Bernstein, but Ethereum, Solana, and DeFi are expected to capture an increasing share of incoming flows.
Coinbase, Robinhood, and Circle see their outlook skyrocket: Coinbase has a target of $510, Robinhood $160, and a projected USDC market cap of $173 billion by 2027.
A Cycle That Appears Longer Than Expected?
The traditional crypto cycle of every four years may be shattered. According to Bernstein analysts, the current surge is not just a rebound but a full-fledged bull marathon capable of extending until 2027. Their conviction rests on two pillars: accelerating institutional adoption and a strong political will in the US to make the country ‘the global crypto capital’.
The message is clear: if the rise occurs, it will not only be driven by Bitcoin. The expansion towards Ethereum, Solana, and DeFi tokens opens a new dimension for the ecosystem. More diversity, more liquidity, more growth levers for exchanges and stablecoin issuers.
Coinbase, Robinhood, and Circle in the Investors’ Sights
Crypto stocks are also on the rise. Bernstein has raised its price target for Coinbase to $510, based on record volumes exceeding $100 billion in July. The acquisition of Deribit and the integration of derivative products position the exchange in a financial ‘super-app’ logic. In the note, analysts even compare Coinbase to a future ‘AWS of crypto’, capable of dominating both spot, derivatives, and tokenization.
Robinhood is also capitalizing on the momentum. The broker, which absorbed Bitstamp to strengthen its institutional clientele, saw volumes soar by 110% in a month, reaching $16.8 billion. Its diversified model, crypto, stocks, options, offers exposure to digital assets while cushioning volatility. As a result, Bernstein revises its target to $160 from $105 previously.
On the stablecoin front, Circle continues to attract. With a USDC already valued at $68 billion in supply, the firm aims high: $99 billion in 2026, $173 billion in 2027. The Arc blockchain, focused on payments, and its banking partnerships are expected to strengthen its role as the backbone of decentralized finance.
A New Phase of the Market
In a context where Washington is sending positive signals, investors could be witnessing an unprecedented scenario: a long bull run, ‘exhausting’ in Bernstein’s words, but potentially the most transformative in crypto history.
