Wall Street broker Bernstein predicts that 2026 will usher in a multi-year tokenization "super cycle," and maintains its target price of $150,000 for Bitcoin in 2026, as well as the expectation of reaching a peak cycle value of $200,000 in 2027. The firm emphasizes that although Bitcoin declined by 6% in 2025, the average returns of stocks linked to cryptocurrencies (such as Robinhood and Coinbase) remain around 59%. Bernstein forecasts that by the end of 2026, the supply of stablecoins will grow by 56% year-over-year to nearly $420 billion, and the on-chain value locked in tokenized assets could more than double, increasing from approximately $37 billion to about $80 billion.