Wall Street brokerage Bernstein has projected that Bitcoin (BTC) could climb as high as $200,000 in the current market cycle, calling it the firm’s strongest conviction bet on digital assets.
Analysts Gautam Chhugani and Mahika Sapra forecast the cryptocurrency rising to a range of $150,000 to $200,000 within the next year. Such an outlook implies an 82% rally from Bitcoin’s current price of about $115,547.
Additionally, they expect the bull market to extend through 2026, with a possible peak in 2027, supported by regulatory clarity, institutional adoption, and government backing.
“Our highest conviction view remains Bitcoin at $200k this cycle. <…> We expect a long crypto bull market, continuing the surge into 2026 and potentially peaking in 2027,” the analyst said.
Unlike past rallies tied mainly to Bitcoin’s halving cycles, Bernstein described the current uptrend as more durable and structural, driven by convergence between traditional markets and crypto-native platforms.
“Our conviction in blockchain and digital assets has never been higher. <…> This cycle looks more structural—clear regulatory framework, government support, strong institutional adoption,” they wrote.
Bitcoin to lose momentum
The analysts added that while Bitcoin remains the cornerstone of the digital asset ecosystem, Ethereum (ETH) and Solana (SOL) are poised to assume greater leadership roles.
“The path to $200k for Bitcoin is also the path to altcoin leadership by ETH and SOL,” Bernstein added.
Ethereum’s scaling roadmap and Solana’s growing developer traction, they said, provide structural momentum that could see both outperform smaller speculative tokens.
Bernstein also expects the cycle to broaden beyond Bitcoin, with Ethereum, Solana, and decentralized finance tokens driving the next phase of growth.
This outlook comes after Bitcoin set a new record high above $124,000 before retreating. The asset has since lost the $120,000 support, with markets now watching whether it can hold above $110,000 to sustain the current bull run.
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