Investment research firm Bernstein has released a report forecasting a prolonged structural bull market for Bitcoin, highlighting improved market fundamentals. Analysts identify Bitcoin's recent low of $60,000 as a clear bottom, with current prices approaching $80,000, driven by robust institutional demand.
Institutional Adoption Accelerates
Key catalysts include the launch of Morgan Stanley's Bitcoin ETF and Charles Schwab's trading platform, which have channeled significant compliant capital into the market. The holder structure remains stable, with approximately 60% of Bitcoin supply unmoved for over a year, indicating strong long-term conviction.
Strategic Reserves and Stablecoin Growth
Strategy's STRC perpetual preferred stock has attracted market attention, with the company accumulating 818,334 BTC. Stablecoin supply has hit a record high of $300 billion, reflecting robust real-world payment demand. Tokenized real-world assets (RWA) have surged to $345 billion, up 110% year-over-year, signaling accelerated on-chain migration of physical assets.
Long-Term Risks and Adaptability
Bernstein acknowledges quantum computing as a potential long-term risk but believes the blockchain ecosystem will adapt to post-quantum security in time. Overall, driven by institutional flows, stablecoin expansion, and RWA growth, the Bitcoin bull market is expected to persist.