Bitcoin hit a record high last week, with analysts at Bernstein predicting it could reach $200,000 in the near future. They foresee a peak between $150,000 and $200,000 within the next six to 12 months as part of a “long, exhausting bull run” for crypto into 2027.

The surge in Bitcoin’s price comes amid positive catalysts like President Trump’s recent executive order and SEC Chair Paul Atkins’ “Project Crypto” initiative. The GENIUS Act, signed into law last month, created the first federal framework for dollar-backed stablecoins.

Bitcoin’s price retreated from its record highs, hovering near $113,000 per token on Tuesday. Analysts believe the crypto cycle is still in its early stages and expect Bitcoin to touch new highs, potentially surpassing $124,000 by year-end.

Interest in assets like ethereum and Solana is growing, with corporations adding them to their balance sheets. Ethereum’s native token, ether, has surged over 150% since April, while Solana is up 70% during the same period.

Bernstein raised its price target on Robinhood to $160 from $105, reaffirming a Buy rating on the stock. They also see upside for Coinbase and stablecoin USDC issuer Circle, which have seen significant gains in the market.

Amid expectations of a sustained crypto bull market, Bernstein analysts predict continued growth in the sector, driven by institutions building on core infrastructure to replace legacy banking systems. Chris Robins of Axelar highlights the trend towards institutional adoption in the crypto space.

Read more at Yahoo Finance: Bitcoin could reach $200,000 within 6 months during ‘long, exhausting’ crypto bull market