Analysts from Bernstein analyzed key market indicators. In their opinion, the bitcoin price will rise to USD 150,000.
Bitcoin price will rise to USD 150,000?
According to the latest report, Bernstein analysts Gautam Chhugani and Mahika Sapra said that bitcoin market indicators show that further growth is ahead. We will pay as much as USD 150,000 for 1 BTC next year.
The company's experts had already shown optimism earlier when the deadline for approval of BTC spot ETFs was approaching. And in fact, when the funds were created, the price increased, even exceeding the ATH at that time. The rate stopped only at just over USD 70,000.
However, the stock has been falling over the past few weeks. Reason? A natural correction, but also an increase in tensions between Iran and Israel (after a week, however, the price began to increase). Last week, the bears took over and drove the stock below $57,000. Today, one bitcoin costs USD 63,500.
Chhugani and Sapra see many positives in the recent declines. In their opinion, they eliminated excessive financial leverage on futures contracts on cryptocurrency exchanges. Standard Chartered analyst Geoff Kendrick thinks similarly, saying two weeks ago that in the long term we already have a favorable environment for further growth.
(…) Bitcoin indicators point to a healthy cycle that is still in its early stages. In this case, the risk-reward ratio remains attractive
Chhugani and Sapra said.
ETFs will help the bulls
Moreover, Bernstein analysts pointed out that BTC increases may be fueled by capital inflows into ETFs. In addition, there is the post-halving effect and investments in cryptocurrencies by institutions.
Let's go back to ETFs. On Friday, investors in spot bitcoin ETFs stopped withdrawing capital from the funds and started returning to the market. ETFs in the U.S. saw contributions of more than $378 million. Interestingly, Grayscale's GBTC, which has only recorded payouts since launch, saw an inflow of as much as $63 million for the first time.
