On July 14, research brokerage Bernstein analysts stated that they expect a "long and grinding crypto bull market" and reiterated their prediction that Bit will reach $200,000 by the end of 2025 or early 2026.
The analyst team led by Gautam Chhugani wrote in a client report: "The market is now driven not only by retail investors chasing highs but also by institutional adoption, and our confidence in blockchain and digital assets has reached an unprecedented level." They pointed out that this cycle is significantly different from previous retail-driven booms due to institutional-led growth, clearer regulations, and government support. Blockchain is building a new native internet financial system - the stablecoin market has nearly reached $250 billion and is initially being applied to cross-border payments. While crypto wallet users are currently around 50 million, they are expected to grow rapidly to hundreds of millions as banks and enterprises accelerate integration, and RWA is becoming the next major trend.
Regarding the bull market evolution path, analysts believe Bit will continue to rise as a global hard currency reserve asset. Currently, Bit ETFs manage over $150 billion in assets (with BlackRock's IBIT alone holding $84 billion), and with continuous accumulation by companies like MicroStrategy, this structural allocation trend will drive Bit towards the $200,000 target.
