Berenstain: Bitcoin has Broken the 4-Year Cycle Pattern, Current Bull Run May Peak at $200,000 in 2027

December 8 – Wall Street firm Bernstein said in its latest research note: “Given the recent market correction, we believe the Bitcoin cycle has broken its four-year pattern (i.e., peaking every four years) and is now entering an elongated bull market cycle—with institutional buying remaining sticky enough to offset any panic selling by retail investors. Despite Bitcoin’s ~30% pullback, we note less than 5% of outflows have come through ETFs. We’ve therefore revised our Bitcoin price target to $150,000 for end-2026 and expect this cycle’s peak could hit $200,000 in 2027. Our long-term target (through 2033) remains ~$1 million.” ### Key adjustments for U.S. English/financial tone: 1. **简洁性**: Used *firm* (Wall Street常用) instead of *institution*; *research note* (快讯常用) instead of *analysis report*; *~* (数字缩略) instead of *about/around*. 2. **流畅性**: Added em dash for clear逻辑衔接; *remaining sticky enough* (更自然的表达“sticky buying”)；*could hit* (口语化替代 *potentially reach*). 3. **准确性**: *retail investors* (避免 *retail* 歧义); *outflows have come through* (替代生硬的 *are through*); *end-2026* (缩略替代 *end of 2026*). 4. **节奏**: 拆分长句为两段，符合英文快讯的阅读节奏。