Bernstein analysts see crypto bull market running through 2027

Bernstein’s latest note reiterated the firm’s “long, exhausting” bull run rhetoric even as crypto market prices cooled this week, after a recent rally toward fresh peaks.

Analysts raised their price targets for Coinbase, Robinhood, and Circle while restating that the current crypto bull market could stretch into 2027 — longer than the traditional four-year cycle — fueled by U.S. policy support and growing institutional adoption.

On Tuesday, the brokerage said Bitcoin could reach between $150,000 and $200,000 within the next year but argued that “the Trump administration is in mission-critical mode to build the U.S. into the crypto capital of the world,” extending the runway for digital assets well beyond prior peaks. “We expect a long crypto bull market, continuing the surge into 2026 and potentially peaking in 2027,” analysts Gautam Chhugani and Mahika Sapra wrote.

The firm raised its price target on equities and crypto trading venue Robinhood (HOOD) to $160 from $105, citing July crypto trading volumes of $16.8 billion on the app, which grew 110% month-over-month, alongside strength in equities and options activity.

Analysts added that Robinhood’s acquisition of Bitstamp, a move that brings a predominantly institutional user base, and its rollout of staking and tokenized products in Europe are key drivers of growth. “Robinhood’s diversified model offers crypto upside without the same volatility as pure-play exchanges,” Bernstein wrote.

For U.S. crypto exchange Coinbase (COIN), Bernstein shared $510 per share target, pointing to surging July volumes of over $100 billion, a 44% jump in transaction revenue compared with the prior quarter’s average. The analysts flagged derivatives expansion, including perpetual futures and integration of Deribit’s options platform after a $2.9 billion acquisition deal, and Coinbase’s role in driving USDC adoption as catalysts for the second half of 2025. “Coinbase’s ‘everything exchange’ vision, spanning spot, derivatives, tokenization, and infrastructure partnerships with banks and fintechs, positions it as the AWS of crypto,” the note said.

Bernstein also maintained its target for stablecoin issuer Circle (CRCL) at $230. The firm projects that USDC’s supply, now at $68 billion according to The Block’s data dashboard, could reach $99 billion in 2026 and $173 billion in 2027. Analysts argued that USDC’s role as a liquidity backbone for DeFi and its expanding partnerships with banks and payments providers will help offset revenue sensitivity to falling interest rates. They also pointed to Circle’s launch of its payments-focused Arc blockchain and growing share of on-chain settlement as long-term differentiators.

Furthermore, the firm expects the crypto asset cycle to broaden beyond bitcoin, with ether, solana, and DeFi tokens fueling the next leg of the rally. That breadth, they said, will support continued inflows into trading platforms and stablecoin issuers. HOOD, COIN, and CRCL traded at $115, $320, and $141, respectively — as shown on The Block’s price page.