Bernstein: Bitcoin's Bull Cycle Longer and Stronger Than Prior Ones

Bernstein analysts say Bitcoin's recent low near $60,000 marked a clear trough and that the crypto market now rests on a fundamentally stronger base as it approaches $80,000.

Institutional inflows, expanding access channels, and blockchain's deeper integration into traditional finance are all contributing to what analysts at Bernstein believe will be a longer bull market than prior cycles. The firm noted that exchange-traded fund demand has reinforced Bitcoin's ownership base, with roughly 60% of supply unmoved for over a year.

Bernstein also highlighted the Strategy's accumulation of 818,334 Bitcoin through its STRC perpetual preferred product, describing it as a high-yield, low-volatility vehicle attracting income-focused investors. This accumulation has contributed to the firm's view that the current bull cycle is longer and structurally stronger than previous ones.

The analysts also pointed out rising on-chain activity in equities and commodities trading on platforms like Hyperliquid, as well as a growing tokenized real-world asset market valued at $345 billion. They noted that retail selling pressure appears largely exhausted, with steady institutional flows, stablecoin utility, and tokenization activity supporting the case for asymmetric upside in the current cycle.