Bernstein Predicts Crypto Bull Market to Run Till 2027, Upgrades HOOD, COIN, CRCL

Bernstein expects the crypto bull market to run until 2027, with major upside for HOOD, COIN, and CRCL. The analysts predict bitcoin to reach $150,000-$200,000 within the next year and believe the rally will broaden to ether, solana, and DeFi tokens. Coinbase is seen as a key beneficiary due to its expansion in derivatives and Circle's growing USDC adoption. Robinhood's diversified model is expected to deliver a 53% EPS CAGR through 2027, supporting its upgraded valuation multiple.

Wall Street firm Bernstein has revised its expectations for the crypto bull market, predicting that it could run until 2027, potentially peaking in 2027 instead of 2025-2026. The analysts, led by Gautam Chhugani, have raised their price target for Robinhood (HOOD) to $160 from $105, while also seeing significant upside for Coinbase (COIN) and Circle (CRCL). The revised forecast suggests that the rally in cryptocurrencies will broaden to include ether (ETH), solana (SOL), and decentralized finance (DeFi) tokens, positioning Coinbase as a key beneficiary [1].

According to Bernstein, the crypto market could experience a surge in trading volumes into 2026 and peak in 2027. This momentum is already visible in the activity of Robinhood and Coinbase, with a surge in USDC supply also contributing to the bullish view. Coinbase's expansion in derivatives and Circle's growing USDC adoption, projected to reach $173 billion by 2027, underpin Bernstein's bullish outlook [1].

The analysts predict that bitcoin could hit $150,000-$200,000 within the next year, but they also believe that the rally will broaden to include ether, solana, and DeFi tokens. Coinbase is seen as the key beneficiary due to its expansion in derivatives and Circle's growing USDC adoption. Robinhood's diversified model is expected to deliver a 53% earnings per share (EPS) compound annual growth rate (CAGR) through 2027, supporting its upgraded valuation multiple [1].

The potential for an extended crypto bull market is also supported by the growing demand for stablecoins. A recent partnership between Coinbase and Mercuryo aims to reduce fees for purchasing USDC through MetaMask, the world’s leading self-custodial wallet. This initiative is part of a broader strategy to accelerate the global adoption of stablecoins, which are gaining more centrality due to their ability to guarantee instant transactions, efficient cross-border transfers, and low costs [2].

Meanwhile, Robinhood has taken legal action against regulators in Nevada and New Jersey, accusing them of unfairly blocking its entry into the sports event contracts market despite recent federal court rulings in favor of rival platform Kalshi. Robinhood is seeking court orders and temporary restraining orders to prevent enforcement actions while its lawsuits proceed [3].

References:
[1] https://finance.yahoo.com/news/crypto-bull-market-could-run-124010953.html
[2] https://en.cryptonomist.ch/2025/08/14/coinbase-and-mercuryo-reduced-fees-for-usdc-on-metamask/
[3] https://cryptonews.com/news/robinhood-sues-nevada-new-jersey-regulators-over-event-contracts/