Bitcoin soared past $123,000 on Monday, reaching a new all-time high. Analysts at Bernstein forecast a long crypto bull run ahead, expecting Bitcoin to hit $200,000 by late 2025 or early 2026. Institutional adoption, not retail traders, is now driving the market.

Unlike past cycles, this surge is backed by clearer regulations, government support, and corporate interest. Bitcoin ETFs now manage over $150 billion in assets, led by BlackRock’s $84 billion IBIT. Bernstein sees Bitcoin becoming a global hard-money reserve asset as treasury allocations grow.

The firm also predicts major growth in stablecoins, crypto wallets, and tokenized assets. U.S. laws like the GENIUS and Clarity Acts could boost adoption, positioning Circle, Coinbase, and Robinhood as key players. With real-world use cases rising, analysts believe crypto is moving beyond hype and into mainstream finance.