According to PANews, Bernstein analysts Gautam Chhugani and Mahika Sapra stated in a report to clients on Tuesday that they believe the current consolidation phase of Bitcoin is temporary and offers a buying opportunity before the halving. They maintain that there is an 18-month cross-cycle opportunity for Bitcoin and the entire crypto ecosystem. The market is expected to adjust before the halving, and then the overall bull market is anticipated to continue.
The analysts pointed out that the flow of funds in ETFs is reflexive - higher during uptrends and slower during weaker price trends. However, considering that Bitcoin's price trend has historically consolidated before halving and taking into account its rise after experiencing a large net inflow before the approval of the spot Bitcoin ETF and since its launch on January 11th, the recent price trend is not surprising. The analysts wrote, 'This pullback seems healthy and does not affect our cross-cycle view that Bitcoin will reach a cyclical high of $150,000 by 2025.'
Previously, a Bernstein report expressed increased confidence that Bitcoin would reach $150,000 by mid-2025.
