Bernstein Analysts Convinced Bitcoin Is Headed For $150,000, Here’s Why
15 März 2024 - 9:30PM
NEWSBTC
Analysts from private wealth management firm, Bernstein have
reaffirmed their previous Bitcoin prediction, emphasizing that the
cryptocurrency has a greater chance to reach $150,000 by
2025. Bitcoin $150,000 Price Forecast Grows Stronger
Bernstein analysts Gautam Chhugani and Mahika Sapra said in a note
to clients on Monday that they were now more convinced of Bitcoin’s
exponential surge to new all-time highs at around $150,000 by
mid-2025. The analyst’s statements were a reiteration of their
earlier Bitcoin forecast in November 2023, when they predicted the
price of Bitcoin to surge to $150,000. Related Reading: Crypto
Expert Reveals Why XRP Is Primed For Growth In This Bull Market At
the time, Bitcoin was trading around a price of $35,000, putting
the analysts’ estimate at around five times the price of BTC. Now
with BTC recently witnessing remarkable surges to new all time
highs above $71,000, and potentially continuing its upward
momentum, Bernstein analysts’ forecast seems more probable.
Analysts from the private wealth investment firm have disclosed
several factors that could trigger BTC’s bullish momentum.
Highlighting the success and surging demand for Spot Bitcoin
Exchange Traded Funds (ETF), the company boldly affirmed that large
volume of inflows into Spot Bitcoin ETFs could significantly
contribute towards increasing the value of BTC. “We estimated
$10 billion inflows for 2024 and another $60 billion for 2025. In
the last 40 trading days since the ETF launch on Jan 10, Bitcoin
ETF inflows have crossed $9.5 billion already,” Bernstein analysts
wrote. Sharing the sentiment of most crypto analysts in the
market, Bernstein analysts believe that the price of BTC could
experience a fresh “break out” after the halving event in April
2024. At the time of writing, the cryptocurrency is trading at
$68,218, witnessing a slight price correction of about 6.96% in the
past 24 hours, according to CoinMarketCap. Miners To Become
Top Beneficiaries Of BTC Surge In their note, Bernstein analysts
highlighted that investing in Bitcoin miners could be the best
equity proxy to BTC. According to their analysis, BTC miners
typically outperform during BTC bullish cycles and conversely
underperform during bearish periods. Related Reading: Cardano Ready
For Breakout As Network Adoption Hits Major Milestone As Bitcoin
rapidly rises to all time highs above $71,000, Bernstein analysts
expect that institutional interest in Bitcoin related equities
could top over, with BTC miners becoming one of the largest
beneficiaries. Despite various analysts predicting that the next
Bitcoin halving could potentially become a death sentence to small
mining companies and solo miners, Bernstein analysts have revealed
that the rising price of BTC and elevated transaction fees could
serve as a cushioning mechanism for miners during the halving
period. BTC price at $67,700 | Source: BTCUSD on
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