In his latest 2026 crypto market outlook, Bernstein analyst Gautam Chhugani points out that the current correction is more like a mid-term consolidation than a market turn bearish. He not only raised his long-term target price for Bitcoin to $150,000, but also named several cryptocurrency and fintech concept stocks, believing that 2026 will usher in a new round of upward momentum driven by a tokenization supercycle.
Looking back at Bitcoin's weak finish to 2025, Bernstein emphasizes that it has bottomed out.
In their report , Chhugani's team recalled that Bitcoin briefly reached $104,000 in early 2025 due to a shift in regulation following Trump's inauguration, but subsequently fell back to the $70,000 range due to the tariff war. Although it rebounded again in the second half of the year, reaching a new annual high of $126,000, the year still ended with high-level fluctuations and a slight decline.
Bernstein believes that Bitcoin will resume its upward trend in 2026, based on the failure of the halving cycle, increased institutional participation, and the continued maturation of financial infrastructure: "The $80,000 level at the end of November was the bottom."
We set a price target of $150,000 for Bitcoin in 2026 and $200,000 in 2027.
Analysts: Crypto stocks show mixed performance, but a rebound is imminent.
Regarding cryptocurrency stocks, Bernstein points out that market performance has been significantly divergent over the past year. For example, DAT (Depository and Arbitration Services), which holds a large amount of Bitcoin, while under pressure due to declining net asset value (mNAV), its share price premium remains highly correlated with Bitcoin's price movement and is expected to recover as Bitcoin prices rebound.
For example, the stock price of MicroStrategy ( MSTR ) has plummeted by more than 60% from its August 2024 high, and its official mNAV is close to 1.01, highlighting investors' growing concerns about the sustainability of its corporate financial model.
Chhugani emphasized that the figure will rebound along with the price of Bitcoin, and the short-term stock price pullback actually provides long-term investors with room to re-enter the market.
The four categories specifically named are: HOOD, COIN, FIGR, and CRCL.
In his report, Chhugani specifically named four companies, including Robinhood (HOOD), Coinbase (COIN) , Figure (FIGR) , and Circle (CRCL) , listing them as top targets for the tokenization trend.
First, HOOD and COIN, platforms that offer cryptocurrency and tokenized asset trading, are expected to continue to benefit from the recovery in demand from retail and institutional investors; stablecoin issuer CRCL is seen as a key vehicle for on-chain finance; and FIGR, which focuses on blockchain financial solutions, is considered the primary partner for integrating on-chain technology into traditional finance.
Tokenization Supercycle: Stablecoins and RWA Drive Banks On-Chain Integration
Bernstein believes the core narrative for 2026 will focus on the "tokenization" wave. The report predicts that the total supply of stablecoins will increase by more than 50% annually, reaching a scale of $420 billion, with large fintech companies such as Block, Revolut, and PayPal continuing to drive the adoption of these tokens.
Meanwhile, RWA tokenization is expected to double in scale, and the proportion of equity tokenization in on-chain assets will also increase significantly. As efficiency and cost advantages become clearer, global banks will accelerate the launch of their own tokenization platforms to cope with competitive pressure from new financial infrastructure.
The market is expected to benefit from continued growth due to regulatory dividends.
In addition, Bernstein is optimistic about the growth potential of prediction markets, naming Kalshi , Polymarket , Robinhood, and Coinbase as examples, predicting that their market size will double by 2026 and generate substantial revenue for trading platforms and market makers.
Although the sector still faces scrutiny from states and regulators, prediction markets will eventually become more mainstream as compliance frameworks become clearer.
Overall, Bernstein's 2026 outlook paints a growth picture driven by stablecoins, tokenized assets, and emerging fintech platforms. Amidst market corrections at high levels and cooling sentiment, these aforementioned assets may be worth considering for investors' early planning and long-term investment.
This article by Bernstein, who names four cryptocurrency and Fintech concept stocks, suggests buying them on dips in 2026. It first appeared on ABMedia, a ABMedia .
