Bernstein: Expects This Bull Market to Be "Long and Arduous," Bitcoin Could Reach $200,000 by Early 2026

BlockBeats News, July 14th: Research brokerage company Bernstein analysts stated that they expect to see a "long and arduous crypto bull market" and reiterated their prediction — Bitcoin will reach $200,000 by the end of 2025 or early 2026.

Lead by analyst Gautam Chhugani, the analyst team wrote in a client report: "What is driving the market today is not only retail chasing highs, but also the adoption by institutional investors, and our confidence in blockchain and digital assets has reached an unprecedented level." They pointed out that this cycle is significantly different from past retail-driven booms due to institution-led growth, clearer regulations, and government support. Blockchain is building a new Internet-native financial system — the stablecoin market size is close to $250 billion and is being preliminarily applied to cross-border payments. While there are only about 50 million cryptocurrency wallet users, with banks and corporations accelerating integration, it is expected to grow rapidly to hundreds of millions in scale, and RWA is becoming the next major trend.

Regarding the evolution path of the bull market, analysts believe that Bitcoin will continue to rise as the global hard currency reserve asset. Currently, Bitcoin ETF manages assets of over $150 billion (with BlackRock's BIT alone accounting for $84 billion), and with companies like MicroStrategy continuing to accumulate, this structural allocation trend will drive Bitcoin towards the $200,000 target.