Bernstein: Bitcoin cycle far from peak, $200K target by late 2025

Research and brokerage firm Bernstein analysts argue the crypto market is still in its early stages, dismissing concerns that Bitcoin’s (BTC) ~$100,000 level marked the cycle top. According to The Block, they cite institutional inflows, corporate adoption and the U.S. Strategic Bitcoin Reserve as key drivers for further growth. The firm forecasts Bitcoin reaching $200,000 by late 2025 but warns macro uncertainty and geopolitical risks could extend the cycle into 2026.