Bernstein analysts anticipate overly long crypto bull market

According to Bernstein experts, investors should prepare for a prolonged rally in the crypto market. They say the current bullish cycle will be “quite long and exhausting,” and its driving force will be not retail speculation, but institutional adoption of blockchain technology.

Bernstein argues that the current situation is different from previous trends. In the past, bitcoin's surges followed its typical four-year halving cycle. However, this time, the cycle looks more structural with a clear regulatory framework, government support, and active institutional adoption, the analysts noted.

For example, new financial infrastructure built on public blockchains, including Ethereum and Solana, is boosting confidence in crypto projects. Bernstein experts believe this signals the development of a full-fledged financial Internet system, and not just a payments system.

Overall, the organization's analysts predict widespread tokenization of real assets as the next stage of adoption. Bernstein considers the current cycle in the crypto market as the initial stage of a broader shift.