That is the central claim of a new outlook from Bernstein, which argues that institutional adoption has rewritten the market’s internal mechanics.
Analysts argue BTC is evolving into a strategic macro asset still in early adoption.
The firm’s note — highlighted by VanEck’s Matthew Sigel — suggests that Bitcoin’s trajectory has decoupled from the halving-based boom-and-bust model. Analysts point instead to continued ETF inflows, balance-sheet purchases and asset-manager allocations as evidence of a maturing market that responds more to capital flows than calendar cycles.
Interestingly, Bernstein says the recent downturn only reinforced this story. Even with Bitcoin sliding nearly 30% at one stage, redemptions from ETFs stayed minimal, under 5%. For the analysts, this resilience shows that many large buyers are treating BTC like a strategic reserve — not a speculative swing trade.
Updating the Scoreboard
Bernstein revised its outlook accordingly. The firm is now projecting Bitcoin to climb to $150,000 in 2026 and ultimately reach $200,000 in 2027. Its longest-term forecast remains much more dramatic: $1 million per coin by 2033.
These numbers rest on assumptions about deepening liquidity, expanding institutional access, rising confidence in custody, and new regulatory corridors — all features that were absent in earlier cycles.
A Fundamentally Different Market Structure
The analysts emphasize that the core difference today is who controls marginal demand. In previous eras, retail traders were the dominant force — selling aggressively during fear phases and buying late in euphoric spikes. By contrast, Bernstein argues that today’s demand patterns resemble those of traditional asset markets: long-term allocators step in during weakness, smoothing volatility.
They also cite growing policy support — pointing to examples such as state-level crypto legislation in Indiana — as evidence that Bitcoin’s adoption curve is now being shaped at institutional and regulatory levels.
From Halving Playbooks to Structural Maturation
Bernstein’s overarching message is that traditional analytical frameworks can’t fully explain the current cycle. Models built around trader emotion and halving scarcity don’t account for ETF-based accumulation, treasury purchases, or regulated capital flows.
If the thesis holds, Bitcoin’s value may increasingly behave like that of an emerging macro asset — sensitive to liquidity regimes and investment mandates rather than meme-driven narratives.
The report concludes with a strong assertion: Bitcoin is still early in institutional adoption, and its emerging structure points to longer cycles, shallower corrections, and growing insulation from retail sentiment.