Analysts at private asset management firm Bernstein have reaffirmed their previous findings Bitcoin predictionhighlighting that the cryptocurrency has a higher chance of reaching $150,000 by 2025.
Bitcoin Price Prediction of $150,000 Gets Stronger
Bernstein analysts Gautam Chhugani and Mahika Sapra said in a note to clients on Monday that they are now more convinced of Bitcoin’s exponential rise to new all-time highs around $150,000 by mid-2025. The analyst’s statements were a repeat of their statements previous Bitcoin prediction in November 2023, when they predicted Bitcoin’s price would rise to $150,000.
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 BTC has witnessed remarkable recently rises to new all-time highs above $71,000, and possibly a continuation thereof upward momentumBernstein analysts’ prediction seems more likely.
Analysts at the private investment firm have revealed several factors that could be driving BTC’s bullish momentum. We emphasize the success and increasing demand for Spot Bitcoin Exchange Traded Funds (ETF)the company boldly confirmed that a large volume of inflows into Spot Bitcoin ETFs could significantly contribute to increasing the value of BTC.
“We estimate inflows of $10 billion for 2024 and another $60 billion for 2025. In the last 40 trading days since the ETF launch on January 10, Bitcoin ETF inflows have already surpassed $9.5 billion,” Bernstein analysts wrote .
Sharing the sentiment of most crypto analysts in the market, Bernstein analysts believe that the price of BTC could experience another “outbreak” after the halving event in April 2024. At the time of writing, the cryptocurrency is trading at $68,218, which is seeing a slight price correction of around 6.96% in the past 24 hours, according to CoinMarketCap.
Miners will be the main beneficiaries of the BTC wave
In their note, Bernstein analysts emphasized that investing in Bitcoin miners could be the best stock proxy for BTC. According to their analysis, BTC miners tend to perform better during BTC bullish cycles and conversely, underperform during bearish periods.
With Bitcoin quickly rising to an all-time high above $71,000, Bernstein analysts expect that institutional interest in Bitcoin-related stocks could exceed, with BTC miners will be one of the biggest beneficiaries. Despite the fact that several analysts predict that the next Bitcoin halving could potentially become a death sentence for small mining companies and solo miners, Bernstein analysts revealed that BTC’s rising price and higher transaction fees could serve as a cushioning mechanism for miners during the halving period.
BTC price at $67,700 | Source: BTCUSD on Tradingview.com
Featured image from CryptoSlate, chart from Tradingview.com
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