#$BTC # After Bitcoin reached a new record above $123,000 on Monday, analysts at Bernstein suggested bullish long-term outlooks for the digital asset, forecasting an upcoming period of transformation for the entire crypto sector.

In a note to their clients, Bernstein analysts, led by Gautam Chhugani, describe the current cycle as a "long and exhausting crypto bull market," driven not by retail speculation, but by deepening institutional adoption.
Unlike previous market booms, this cycle is characterized by regulatory clarity, government alignment, and a maturing ecosystem of blockchain-based financial infrastructure.
Analysts noted that blockchain is becoming a new internet-oriented financial layer, with stablecoins nearing a market capitalization of $250 billion. They also pointed out the rapid progress in cross-border payment applications and early signs of mass adoption.
Currently, around 50 million users own crypto wallets, but Bernstein expects this number to rise sharply to hundreds of millions as banks and corporations integrate blockchain tools. They add that the tokenization of real assets is likely to become the next major growth driver in the sector.