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Title: [2024-03-14] Analysts 'Now More Convinced' of Bitcoin Reaching $150,000 ... Post by: chmod755 on March 15, 2024, 06:14:55 AM Analysts 'Now More Convinced' of Bitcoin Reaching $150,000 by Mid-2025
Global asset management firm Alliance Bernstein has doubled down on its bitcoin price prediction of $150K by mid-2025. “These are still early days of bitcoin’s integration into traditional asset portfolios,” the firm’s analysts described, adding that they are “now more convinced” about their $150K price forecast for bitcoin. Bernstein’s $150K Bitcoin Prediction Bernstein analysts Gautam Chhugani and Mahika Sapra shared their optimistic bitcoin outlook in a note published earlier this week. The analysts explained that they are “now more convinced” about a BTC price breakout post-April halving event. While noting that “These are still early days of bitcoin’s integration into traditional asset portfolios,” they wrote: Quote We are now more convinced about our $150K price for bitcoin. The Bernstein analysts predicted in November last year that the price of bitcoin could rise to $150K by 2025. Their confidence in BTC achieving that price target has been reinforced by the increasing inflows into spot bitcoin exchange-traded funds (ETFs). “At this run rate, bitcoin ETFs would surpass our 2025 inflow estimates within 166 trading days for [the] rest of 2024,” the analysts detailed. “We built bitcoin institutional flows in our estimates to arrive at bitcoin price. We estimated $10 billion inflows for 2024 and another $60 billion for 2025.” The analysts highlighted the recent decline in bitcoin miners’ stocks as possibly the “final opportunity” for investors before the halving event. They suggested that shares of mining companies could rapidly recover to align with bitcoin’s price surge. “We believe bitcoin miners are still largely retail-traded stocks and institutions have largely stayed away from bitcoin proxies, as traditional investors remain skeptical and still approach crypto with a rear-view bias,” they advised, noting: Quote We expect institutional interest in bitcoin equities to finally tip over, and bitcoin miners to be the largest beneficiaries. The bitcoin miners trade requires some more patience. Many people believe that the high demand for spot bitcoin ETFs will increase the price of bitcoin. Scott Melker, aka the Wold of All Streets, said last week that he sees the start of a major bull run for bitcoin and the broader crypto market. Bitwise’s CIO Matt Hougan expects an “everything season,” noting that the bitcoin bull market won’t end early. He believes that BTC could top $200K this year. Meanwhile, Galaxy Digital CEO Mike Novogratz sees “tremendous global demand for bitcoin.” Source: https://news.bitcoin.com/analysts-now-more-convinced-of-bitcoin-reaching-150000-by-mid-2025/ |