The cryptocurrency market has been sluggish recently, with Bitcoin price dropping below $115,000 at one point, and Ethereum's strong rally temporarily cooling off, falling below $4,200 and intensifying investors' anxiety.
However, despite the significant market correction, Wall Street investment bank Bernstein believes that the current downturn is just a small episode on the bull market path. Bernstein reaffirmed its previous assessment in its latest report, believing that this bull market will be "long and exhausting," but Bitcoin's upward journey is far from over.
Bull Market Will Be Long, Peaking in 2027
The report indicates that Bitcoin still has significant upside potential, expecting it to surge to between $150,000 and $200,000 within the next year. Analysts Gautam Chhugani and Mahika Sapra explained that changes in the U.S. policy environment are a key driver of Bitcoin's rise, especially with the Trump administration working hard to make the U.S. the "global cryptocurrency capital".
This will open up unprecedented development space for digital assets, with the bull market potentially continuing until 2026 and reaching its peak in 2027.
Additionally, Bernstein predicted the possibility of an altcoin season, believing that the cryptocurrency market's heat will not be concentrated solely on Bitcoin. Ethereum, Solana, and decentralized finance (DeFi) tokens will also become leaders in the next wave of growth, driving continuous fund inflow into trading platforms and stablecoin issuers.
Bernstein Optimistic About Three Crypto Concept Stocks
It's worth noting that Bernstein is equally confident about cryptocurrency-related stocks, specifically highlighting three giants: Robinhood (HOOD), Coinbase (COIN), and stablecoin issuer Circle (CRCL).
First, Robinhood, Bernstein raised its target price from $105 to $160, noting that Robinhood acquired Bitstamp, gaining a large number of institutional users and launching staking and tokenization products in Europe, which are seen as key growth drivers.
Second, Coinbase, Bernstein set a target price of $510 per share. Bernstein pointed out that Coinbase's trading volume exceeded $100 billion in July, with trading revenue growing 44% quarter-on-quarter. Coinbase is also actively expanding its derivatives business, including perpetual futures and acquiring the Deribit options platform, and promoting USDC's popularity, which will be growth drivers in the second half of 2025.
Lastly, Circle, Bernstein maintained its target price at $230 and predicted that its stablecoin USDC's supply will grow from the current $68 billion to $99 billion in 2026, potentially reaching $173 billion in 2027. As an important participant in the DeFi market, Circle's long-term advantages include expanded cooperation with banks and payment providers, as well as the growth of its newly launched Arc blockchain and on-chain settlement market.
BitQuant Says: Bitcoin Will Not Drop Below $10,000
Additionally, BitQuant, a well-known cryptocurrency analyst who accurately predicted Bitcoin's new high in 2024, also shared an optimistic view on the X platform, stating that Bitcoin will "not drop" below $10,000 during this correction:
"Will not drop below $10,000 in this cycle, regardless of news, Fed, or inflation affecting investor sentiment".
He also predicted that Bitcoin will reach $145,000 in 2025 and may even hit a high of $250,000 in this cycle.
