The crypto-verse is extremely dynamic. Therefore, fortunes can swiftly fluctuate, and predictions often carry the weight of speculation. Despite recent market turbulence, analysts at Bernstein remain resolute in their convictions, reinforcing their bold forecast for Bitcoin’s trajectory.
A retrospective examination illuminates the significance of Bernstein’s stance. Bitcoin [BTC], the world’s largest cryptocurrency, weathered a tumultuous period between March and April 2024. It endured a substantial correction of nearly 22%. During this volatile phase, prices plunged from the year’s peak of $72,756 to a low of $56,500. However, at press time, BTC was trading at $65,415.52 following a 2.47% daily rise.
Bernstein’s analysts maintain unwavering optimism. They reiterate their prediction of Bitcoin ascending to an unprecedented $150,000 within the current cycle, projected to materialize by the end of 2025. Gautam Chhugani and Mahika Sapra, the architects of this bullish prognosis, exude confidence in their assessment. Additionally, they express increased confidence in their prediction, supported by promising metrics indicative of a robust cycle still in its infancy. Additionally, they note the attractive risk-reward ratio for Bitcoin, further reinforcing their positive outlook.
Also Read: Hong Kong Bitcoin ETFs Predicted to Hit $1B AUM in 2024
Corrections Ahead?
The recent correction, which witnessed BTC drop to the $57,000 level, is perceived by analysts as a necessary purification process. They argue that it effectively eliminated excessive leverage prevalent in futures contracts on cryptocurrency exchanges, restoring a healthier equilibrium to market dynamics.
However, the resurgence of net inflow into Bitcoin exchange-traded funds [ETFs] in the United States serves as evidence of the asset class’s underlying strength. Additionally, analysts also point to several other favorable indicators. This further includes a stable post-halving hash rate, healthy transaction fees, and subdued prices for Bitcoin mining equipment.
Also Read: Bitcoin Records Milestone of 1 Billion Transactions After 15 Years
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