Bitcoin could reach $200,000 within 6 months during 'long, exhausting' crypto bull market

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Bitcoin could reach $200,000 within 6 months during 'long, exhausting' crypto bull market.

crypto :: 2025-08-20 :: source - yahoo finance

By Ines Ferre

Image source: Pexels

Bitcoin (BTC-USD) hit a record high last week, but analysts at Bernstein think the current crypto bull market could see the world's largest cryptocurrency hit an even bigger milestone in the near future: $200,000.

In a note to clients published Tuesday, Gautam Chhugani and the digital assets team at Bernstein said they see bitcoin reaching its cycle peak between $150,000 and $200,000 in the next six to 12 months during what the firm is calling a "long, exhausting bull run" for crypto into 2027.

"We believe we are in the middle of a digital assets revolution backed by regulatory reform," the firm wrote. "Now we believe the Trump admin. is in mission-critical mode (incl. SEC/CFTC) to build U.S into the crypto capital of the world, so market peak is not anywhere near. We expect a long Crypto bull market, continuing the surge into 2026 and potentially peak in 2027."

Bitcoin’s surge to record levels last week comes amid a string of positive catalysts for the crypto industry, including President Trump's recent executive order that opens the door for cryptocurrencies and other alternative assets to make their way into millions of Americans' 401(k) plans.

In late July, Securities and Exchange Commission Chair Paul Atkins announced "Project Crypto," an initiative aimed at creating "clear and simple rules of the road" for crypto assets.

The GENIUS Act, signed into law last month, marked another major milestone by creating the first federal framework for dollar-backed stablecoins.

Bitcoin hovered near $113,000 per token on Tuesday, retreating from its record highs beyond $123,500 last Thursday.

"We believe we are still early in the crypto cycle," Chhugani wrote. "We remain convinced Bitcoin will touch new highs (past $124K) for the remaining part of the year."

Bernstein also expects the crypto cycle to continue broadening to assets like ethereum (ETH-USD) and Solana (SOL-USD), as corporations have been adding these assets to their balance sheets, mimicking Strategy's (MSTR) bitcoin corporate treasury play.

Interest in ethereum and Solana also stems from their blockchain uses, including the ability to write programs or contracts that run entirely on those platforms. Growing interest in stablecoins and other uses of tokens for payments and transactions has also helped support this rally.

Ether, ethereum’s native token, has soared more than 150% from the April market lows, while Solana is up 70% during the same period.

"This rally is driven by a recognition amongst market participants that institutions are starting to build on this core infrastructure, to supplant and replace legacy banking infrastructure," Chris Robins, head of growth and strategic partnerships at Axelar, a blockchain company.

Given the expectation of a sustained crypto bull market, Bernstein raised its price target on trading platform Robinhood (HOOD) to $160 from $105 and reaffirmed its Buy rating on the stock. Robinhood is up more than 200% since the start of the year.

The analysts also see upside for peer Coinbase (COIN), which has rallied 27% year to date, and stablecoin USDC issuer Circle (CRCL), which is up roughly 500% from its June 5 public debut.

Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre.