🚀🚀🚀Bernstein predicts Bitcoin could reach $150,000 by 2025
Bernstein said on Tuesday that he expects the price of bitcoin could rise to $150,000 by mid-2025.
The estimate is about five times the current price of $35,000
Last week, the price of bitcoin reached its highest level since May 2022, as investors hoped to give the green light to a fund traded on the bitcoin exchange
The price of bitcoin could rise to $150,000 by 2025, Bernstein said on Tuesday in a note that hinted at optimism about a bitcoin-exchange-traded fund.
Bernstein analyst Gautam Chhugani said the firm expects the U.S. Securities and Exchange Commission to approve a bitcoin etf by the first quarter of 2024.
The bullish forecast is about five times the current price of $34,000 and more than double bitcoin's all-time high of $67,000, set in November 2021.
Bernstein also expects the ETF approval to shift 10% of bitcoin's circulating supply to etfs. The approval will allow traditional investors to gain exposure to bitcoin directly from their investment portfolios. According to the note, the only similar product is Grayscale's Bitcoin Trust, or Gbtc, which currently owns about 3% of paid bitcoin.
"You may not like Bitcoin as much as we do, but a neutral view of Bitcoin as a commodity suggests a turn of the cycle," Chhugani wrote. "This is a good idea but it's only as good as its timing - SEC-approved ETFs by the world's top asset managers (BlackRock, Fidelity and others) seem imminent."
The prediction came with a note that Chhugani initiated coverage at several bitcoin mining firms by saying that bitcoin will be "halved" in April 2024, as part of a planned and recurring event where bitcoin rewards are baked into the currency's base code. - the exit that will force the "miners to lose", "to be washed away", "paving the way for the great gains of the survivors.
