Emre Yumlu 
Asset management firm Bernstein released an analysis today, predicting a long and exhausting crypto bull run. Analysts at the firm suggest that this upward trend could continue until 2027, supported by U.S. regulations and growing institutional interest.
Crypto Supercycle
Bernstein maintains its long-term thesis: the current crypto upswing may persist until 2027, despite a brief cooling period. The firm cites supportive U.S. policies, accelerating institutional adoption, and the market expanding beyond Bitcoin as key drivers. Analysts Gautam Chhugani and Mahika Sapra forecast a long and tiring cycle maintaining momentum until 2026, with a peak likely a year later.
Policy, Adoption, and Market Breadth
According to Bernstein, U.S. leadership is operating in mission-critical mode to establish the country as a crypto capital, creating a long runway for digital assets. In the next phase, the market will extend beyond Bitcoin, with Ethereum, Solana, and DeFi tokens driving inflows to trading platforms and stablecoin issuers. The overall takeaway is a supercycle characterized by deep liquidity, policy clarity, and market breadth, inviting large investors to participate.
Stablecoins and Circle
Bernstein keeps Circle’s target price at $230. USDC supply is projected to rise from $68 billion in 2026 to $99 billion, and then to $173 billion in 2027. USDC is expected to serve as a liquidity backbone for DeFi, while bank and payment partnerships will offset interest rate sensitivity. Circle’s payment-focused Arc blockchain and increasing on-chain settlement share stand out as differentiating factors, ensuring inflows to platforms and issuers continue through 2027 as the market expands beyond Bitcoin.
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