Investment bank Bernstein has released a major report declaring that the cryptocurrency market has not yet reached its peak, with analysts identifying a clear Bitcoin price floor at $60,000 and predicting structurally higher peaks ahead.
A team led by Gautam Chhugani shared their findings with The Block, emphasizing that the crypto market is building stronger fundamentals. The analysts see the $60,000 level as a firm floor for Bitcoin and expect the price to approach $80,000 in the near term.
Institutional Demand Driving the Market
The report highlights several key drivers for the current cycle, including spot Bitcoin ETF inflows, corporate treasury adoption, and growing regulatory clarity. Bernstein believes these factors are creating a more sustainable rally than previous cycles. Spot Bitcoin ETFs are attracting billions in new capital, while corporate treasuries like MicroStrategy (now known as Strategy) continue to accumulate. Bernstein noted that Strategy's STRC perpetual preferred product is scaling as a high-yield, low-volatility vehicle, attracting income-focused investors and funding further Bitcoin accumulation beyond its current 818,334 BTC holdings.
Institutional access continues to expand, with new distribution channels from Morgan Stanley's Bitcoin ETF and Charles Schwab's spot bitcoin and ether trading platform opening up in recent weeks, broadening participation.
Stablecoin Adoption and Real-World Asset Growth
Stablecoin adoption has increasingly decoupled from crypto market sentiment and price cycles, the analysts noted, demonstrating persistent real-world demand for dollar-backed payments and settlement rails, with stablecoin supply at all-time highs exceeding $300 billion. Beyond stablecoins, private credit and Treasuries are expanding the $345 billion tokenized real-world asset space 110% year-over-year, with platforms like Hyperliquid also seeing rising activity in onchain equities and commodities trading.
Quantum Computing Risk Addressed
The analysts also addressed potential long-term risks, particularly quantum computing, which could pose a threat to blockchain security. However, they explained that the ecosystem has sufficient time to transition to post-quantum security measures. Developers are already working on quantum-resistant algorithms, and the report reassures investors that the risk is manageable.
Historical Comparison
The analysts compared the 2021 rally, driven by retail speculation with a $30,000 floor, to the 2025 rally, driven by institutional demand with a $60,000 floor, illustrating market maturation, deeper liquidity, and broader acceptance.
