2024-3-13 17:03 |
The price of Bitcoin (BTC) continues skyward as it recently hit yet another milestone above $72,700, marking an outstanding 49.8% appreciation over the last 30 days. Fresh off a new record high, where a mix of greed and fear engulfs investors, analysts at research and brokerage firm Bernstein have weighed in on the preeminent crypto’s price trajectory.
In a recent analysis, Bernstein is now more convinced that Bitcoin is well on its way to $150,000.
BTC To $150K? Bernstein Says YesBernstein has recently made some super-bullish statements on the further potential surge of Bitcoin.
In a note to clients on Monday, Bernstein analysts Gautam Chhugani and Mahika Sapra said that the substantial volume of capital flooding into new spot BTC exchange-traded funds (ETFs) will give Bitcoin fuel to continue soaring.
Bernstein forecasted last year that Bitcoin would reach the $150,000 milestone by 2025. Now, the broker expects a further breakout post-halving. The halving refers to an event, baked into Bitcoin’s code, that happens quadrennially and is designed to keep the crypto’s inflation rate in check. Between higher demand and an expected cut in supply, the Bernstein strategists are convinced that hitting the six-figure mark is even more plausible.
“These are still early days of Bitcoin’s integration into traditional asset portfolios,” Bernstein’s note reads. “We are now more convinced about our $150K price for Bitcoin.”
“We estimated $10 billion inflows for 2024 and another $60 billion for 2025,” they continued. “In the last 40 trading days since ETF launch on Jan 10, Bitcoin ETF inflows have crossed $9.5 billion already.”
Nearly a dozen spot BTC ETFs were finally greenlighted by the Securities and Exchange Commission (SEC). These newly approved products have been tremendously successful — recently smashing $10 billion in trading volume.
Bernstein contended that IRAs, private banks, and traditional pools of capital such as sovereigns and pensions have not yet gained BTC exposure via exchange-traded funds. When they do, the Bitcoin price can only continue to rocket higher.
The broker further advised investors to acquire Bitcoin mining stocks, particularly Riot Platforms and CleanSpark stocks, if they want lucrative returns during the upcoming meteoric rally.
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