Bernstein projects tokenization supercycle from 2026, with Bitcoin $150,000 target

Bernstein's Tuesday research note anticipates a multi-year tokenization "supercycle" beginning in 2026 after a soft end to 2025. The firm reaffirmed Bitcoin targets of $150,000 for 2026 and $200,000 for 2027, and projects stablecoin supply near $420 billion by end-2026, tokenized assets around $80 billion, and prediction market volumes roughly $70 billion.