Report: Bitcoin's new bull market may last longer, industry "the best phase still ahead"

BlockBeats News, April 28 — Research firm Bernstein’s latest report states that as Bitcoin approaches the $80k mark, the crypto market is entering a new phase of structural growth. This cycle may be longer than previous ones and features an “asymmetric upside potential.”

The report points out that the previous decline to $60k has formed a cyclical bottom, and the market is now driven by institutional capital and integration with the traditional financial system. Analyst Gautam Chhugani said, “The best times for the crypto industry are still ahead, which will be reflected in a higher and more sustained bull market cycle.”

In terms of supply structure, about 60% of Bitcoin has not moved for over a year, indicating an increase in long-term holders; at the same time, ETFs and corporate balance sheet allocations continue to absorb supply. Strategy currently holds approximately 818k BTC, and its yield-generating products are also attracting more traditional capital.

On the institutional side, Morgan Stanley and Charles Schwab are expanding Bitcoin ETF and spot trading access points, further lowering investment barriers.

Fundamentally, the supply of stablecoins has surpassed $300 billion, with real payment and settlement demands increasing; tokenization of real-world assets (RWA) has reached $345 billion, a 110% year-over-year increase. Additionally, platforms like Hyperliquid are driving increased on-chain trading activity in stocks and commodities.

The report also warns that quantum computing poses a long-term potential risk to crypto security, but it is controllable in the short term, and the industry has ample time to transition to quantum-resistant standards.