Bernstein analysts maintain their prediction of a bitcoin price of $150,000, The Block reported today.
Bitcoin price of $150,000
Despite bitcoin having undergone a sharp correction in recent weeks, analysts at US investment house Bernstein believe BTC is “far from ready.” They keep repeating to various media that bitcoin will reach $150,000 this cycle. Expected by the end of 2025.
“We feel even more confident about that forecast and the statistics indicate that we are still in a healthy cycle, which is still in its early stages,” Gautam Chhugani and Mahika Sapra wrote in a note to their clients. “The risk-return profile here remains attractive.”
The analysts share their view that the recent dip to ~$56,500 has effectively “cleaned up excess leverage on futures contracts on crypto exchanges.” They also point out that bitcoin exchange-traded funds in the United States are showing net flows again after eight consecutive days of outflows.
Even asset manager Grayscale’s converted GBTC ETF recorded $63 million in net inflows last Friday. And that after a period of 78 days of outflow. “This is significant because GBTC has been a source of significant and ongoing selling, which the new 9 ETFs have had to absorb.”
Bernstein’s analysts also cite strong overall inflows into ETFs over the past three months, companies considering buying bitcoin as a reserve, a stable post-halving hashrate, healthy post-halving transaction fees and somewhat cooled prices for bitcoin mining equipment as healthy signs for the overall bitcoin market.
