The crypto market has been on fire, and according to analysts at research and brokerage firm Bernstein, the next leg of Bitcoin’s bull market is already set to launch. With a perfect storm of bullish catalysts aligning, they believe Bitcoin is poised for another explosive move.

The Phases of This Bitcoin Bull Market
Bernstein analysts argue that this bull cycle began in Q4 2023, fueled by the anticipation of spot Bitcoin exchange-traded fund (ETF) approvals. When the first U.S. Bitcoin ETFs launched in January 2024, Bitcoin surged from $25,000 to over $46,000. Then came massive inflows into these funds, helping Bitcoin soar to an all-time high of $74,000.

Next, the election of pro-crypto US President Donald Trump added another wave of bullish momentum. His campaign promises to make the U.S. a global crypto hub and establish a National Bitcoin Reserve pushed Bitcoin even higher, peaking at $109,000 on Inauguration Day.

The Next Wave of Catalysts
Bernstein’s analysts predict that we’re now on the brink of the next massive leg up. Among the key drivers:
 Trump’s Crypto Task Force & Bitcoin Reserve – Led by David Sacks, the new administration is prioritizing the creation of a National Bitcoin Reserve. While details are still emerging, the potential of the U.S. holding BTC as a strategic asset is monumental.
 Sovereign Wealth Fund & Institutional Adoption – Abu Dhabi’s sovereign wealth fund recently made a $437 million investment into spot Bitcoin ETFs. Other major institutions, including Goldman Sachs, Barclays, and Paul Tudor Jones, have also been increasing their Bitcoin exposure.
 MicroStrategy Keeps Stacking – The business intelligence firm now holds 478,740 BTC ($46 billion worth) after a fresh $742 million purchase. CEO Michael Saylor continues to double down on Bitcoin as the ultimate store of value.
 SEC Repeals SAB 121 – This decision now allows U.S. banks to custody Bitcoin, making institutional adoption easier than ever before.

Bernstein analysts note that with Bitcoin’s market cap sitting around $2 trillion, it still has a long way to go compared to gold, which sits at $18 trillion. They project that as adoption among banks, corporations, and even sovereign nations accelerates, Bitcoin will continue its climb as the dominant store of value.

What’s Next for Bitcoin?
Bernstein has maintained its long-term price target of $200,000 by the end of 2025, citing an increasing confluence of positive factors. With spot ETF inflows projected to hit $60 billion this year, demand is only growing stronger.

While short-term price swings are inevitable, the broader trend remains clear: Bitcoin is solidifying itself as a serious global asset, and those who position themselves early could reap the rewards.
Do you think Bitcoin will hit $200,000 this cycle? Let us know!