This is longer than the traditional four-year cycle, primarily due to political support in the United States and growing institutional adoption.

We expect a prolonged crypto bull market that will grow in 2026 and possibly peak in 2027, wrote Gautam Chhugani and Mahika Sapra of Bernstein.

They believe that Bitcoin could reach $150,000-$200,000 within the next year because “the Trump administration is operating in a mode that is critical to turning the US into the crypto capital of the world.” This could significantly expand the opportunities for digital assets compared to previous peaks.

Bernstein also expects the bull cycle to extend beyond Bitcoin and for major altcoins to drive the next leg of the rally. This broad reach will encourage further inflows into trading platforms and stablecoin issuers.

Bernstein analysts also raised their estimates for major crypto companies. For example, they raised the target price for Robinhood trading platform shares from $105 to $160 per share amid the August growth of crypto trading in the app by 110% to $16.8 billion.

For the American crypto exchange Coinbase, experts set a target price of $510 per share, pointing to an increase in trading volumes in July to $100 billion and above. This is 44% more than the average for the previous quarter.