Investing.com – Bitcoin may have found a bottom, according to Bernstein, who believes the digital asset market will recover as a broader tokenization cycle takes shape.
Bernstein analyst Gautam Chhugani said in a note on Tuesday that the company still “feels[s] Despite weak market sentiment in the fourth quarter, Bitcoin is doing well. “
He added: “We have reasonable confidence that Bitcoin and the broader digital asset market have bottomed.”
The firm noted that Bitcoin ended 2025 down 6%, while crypto stocks, despite cooling off at the end of the year, averaged returns of about 59%.
Bernstein predicts that 2026 will be defined as a “tokenization super cycle” covering stablecoins, capital markets, and prediction markets.
Analysts set a 2026 Bitcoin price forecast at $150,000, with a peak target of $200,000 in 2027, citing the continued expansion of stablecoin payments and the rise of tokenized real-world assets.
Chhugani expects the total stablecoin supply to grow 56% year-on-year to $420 billion, driven by “cryptocurrency markets, cross-border B2B payments… and agency payments.”
Bernstein also expects significant growth in tokenized assets, with the value locked in blockchain expected to climb from approximately $37 billion in 2025 to approximately $80 billion in 2026, while equity tokenization will increase its share of activity.
The analyst identifies crypto-focused firms HOOD, COIN, FIGR and CRCL as the “top tokenizing proxies” in its coverage, saying “MSTR will deliver premium returns as Bitcoin recovers.”
The prediction market could double to $70 billion by 2026, Bernstein said, adding that platforms could gain further legitimacy as federal regulators provide clearer support.
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