After Bitcoin surged past $123,000 and marked a new all-time high, Bernstein analysts believe that the rally is not over while predicting the BTC price to reach $200,000 by early 2026. They expect the 2026 bull market to be “long and exhausting.”
This bull market differs from previous cycles as major financial firms, asset managers, and banks are now deeply involved. Over $150 billion is held in Bitcoin ETFs, with BlackRock’s IBIT ETF alone holding more than $84 billion.
Bernstein analysts said their belief in blockchain and digital assets “has never been higher”. Lead analyst Gautam Chhugani said the cycle now shows real adoption, not just hype. They believe the market has moved past the “belief” phase into tangible integration with the traditional financial system.
As per SosoValue, BTC ETFs experienced daily inflow of over $1 billion for two consecutive days last week, showing strong institutional flows. Plus, just a few days ago, the crypto market saw over $1 billion in short liquidations within 24 hours, with Bitcoin accounting for the bulk.
At various points, total liquidations spiked between $1.14 billion and $1.38 billion within a 24-hour window. If Bitcoin continues its climb toward $125,000, an even larger short squeeze could follow. All these point at the long term bull run of the largest cryptocurrency.
In the United States, new laws such as the CLARITY Act and the GENIUS Act aim to set clearer rules for crypto activity. Analysts believe such regulation will boost institutional confidence and bring more activity back into the US-regulated platforms.
Market sentiment remains firmly positive. According to Polymarket estimates, there is a 59% chance Bitcoin hits $125,000 by the end of July and a 29% chance of reaching $130,000. Corporates are also increasing their holdings. The top 100 public firms now hold about 858,723 BTC in total.
Bernstein analysts characterize the current crypto phase as a structural bull run rather than a short-lived hype cycle. They foresee stablecoins and tokenization of real‑world assets playing central roles in forming an internet-native financial system. They describe this as the build‑out phase of a new financial infrastructure fully on the blockchain.