Bernstein analysts double down on $150,000 bitcoin price prediction

20231019 NewBitcoinCity News3

• May 6, 2024, 4:09AM EDT
Published 1 minute earlier on

Though the price of bitcoin has pulled back modestly in recent weeks, analysts at Bernstein believe the leading cryptocurrency “is far from done.” They have reiterated their prediction that bitcoin will reach $150,000 this cycle, expected by the end of 2025.

“We feel even better about that call and BTC metrics indicate a healthy cycle, still in its early stages,” Gautam Chhugani and Mahika Sapra wrote in a note, adding: “Risk-reward here remains attractive.”

The analysts shared their view that the recent correction to a local low of roughly $57,000 effectively “cleaned up the excess leverage on futures contracts on crypto exchanges.”

They also noted that bitcoin exchange-traded funds in the United States reversed course by returning to combined net inflows after eight consecutive days of outflows. Even Grayscale’s converted GBTC ETF recorded $63 million in net inflows on Friday after a 78-day streak of outflows. “This is significant considering GBTC has been a source of significant and continued selling, which the new 9 ETFs have had to absorb,” they explained.

The Bernstein analysts also cited strong overall inflows into ETFs over the past three months, new encouragement for corporate treasuries to buy bitcoin, steady post-halving hash rate, healthy post-halving transaction fees and subdued prices for bitcoin mining equipment as healthy signs for the overall bitcoin market.

Bitcoin is currently trading above $64,400, according to The Block’s Bitcoin Price Page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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