Bernstein remains bullish: Bitcoin bottom is in, with a target of $150,000 in 2026

“We believe that the Bitcoin and broader digital asset markets have bottomed out,” asserted Bernstein (Bernstein) Global Digital Asset Analyst Gautam Chhugani in a recent report early 2026. The report not only declares the end of market pessimism but also explicitly predicts: Bitcoin will reach $150,000 in 2026 and further climb to $200,000 in 2027.

Market Turning Point

Bernstein, a top Wall Street research and brokerage firm managing approximately $8 trillion in assets, released a series of highly influential reports in early January 2026. After experiencing market volatility at the end of 2025, their core conclusion is straightforward: the bottom of the crypto market has formed, and this is the beginning of a new long-term bull market.

Analyst Gautam Chhugani points out that although Bitcoin prices experienced a correction in Q4 2025, many crypto-related publicly traded companies showed strong resilience. This decoupling is seen as an early signal that market sentiment has bottomed out and smart money is beginning to position itself in advance.

Cycle Shift

Another groundbreaking insight in this report is that the “four-year halving cycle” that has been used for over a decade may have officially ended. The analysis suggests that institutional funds, represented by spot Bitcoin ETFs, are reshaping market structure. Data shows that even during recent periods when Bitcoin prices declined by nearly 30%, less than 5% of outflows were through ETFs.

“More sticky institutional buying is offsetting any retail panic selling,” the report states. This indicates that the market is shifting from the past cycle driven by retail sentiment and halving mining rewards, to a “super cycle” led by long-term institutional strategic allocations, which could last longer.

Core Drivers

Bernstein predicts that 2026 will usher in a multi-year “Tokenization Super Cycle,” which will form the core narrative for Bitcoin and the entire crypto market in the coming years. This super cycle will focus on three key areas:

First is stablecoins. By the end of 2026, global stablecoin supply is expected to grow 56% year-over-year to approximately $420 billion, becoming a central conduit connecting traditional finance and the crypto world.

Second is on-chain asset tokenization. The total value of tokenized assets is projected to grow from about $37 billion in 2025 to nearly $80 billion in 2026, covering bonds, private equity, and other real-world assets.

Finally, the prediction markets. The size of this sector is expected to double in 2026, reaching about $70 billion. As regulatory frameworks become clearer, its value as an information infrastructure is gaining recognition among mainstream financial institutions.

Institutional Blueprint

Based on the judgment of a tokenization super cycle, Bernstein clearly identifies the publicly traded companies they believe will benefit directly, providing a clear investment roadmap for traditional capital. Their recommended stock list includes: cryptocurrency trading platform Robinhood (HOOD), Coinbase (COIN), compliance and infrastructure-focused FIGR and Circle (CRCL), and MicroStrategy (MSTR), which uses Bitcoin as its core reserve asset.

The report considers these companies as the best vehicles to capture the growth potential of the tokenization theme. For example, MicroStrategy’s massive Bitcoin holdings make its stock price highly correlated with Bitcoin’s price movements, seen as a “proxy investment” for institutional access to Bitcoin.

Price Projection

According to Gate market data, as of January 9, 2026, Bitcoin’s trading price is approximately $91,263.5, up 0.18% within 24 hours. This price still has about a 28% gap from the all-time high of $126,272 set in 2025. Market analysis suggests that the current level is at a critical technical and psychological threshold.

From Bernstein’s target price perspective, their forecast implies about 64% upside from current levels to the end of 2026 (to $150,000), and about 119% upside to the end of 2027 (to $200,000). Supporting this optimistic outlook, besides the super cycle mentioned earlier, are long-term trends such as governments (e.g., the US establishing strategic Bitcoin reserves) and corporations continuously including Bitcoin in their balance sheets, creating structural new demand.

As of January 9, 2026, Bitcoin’s price consolidates above $91,000 on the Gate trading platform. Market focus has shifted from fear of the bottom to anticipation of the future. Bernstein’s report concludes by reaffirming its long-term belief spanning a decade: the ultimate target price for Bitcoin is $1,000,000 by 2033. Analysts believe that as more sovereign funds and multinational corporations join the allocation, Bitcoin is evolving from a highly volatile emerging asset into a “predictable demand” store of value in the digital age.