Although the price of Bitcoin has fallen slightly in recent weeks, analysts at Bernstein believe that the leading cryptocurrency is “still a long way off.” They reiterated their prediction that Bitcoin will reach $150,000 this cycle, expected by the end of 2025.
“We felt a lot better about that call and BTC
+2.31%
Analysts shared the view that the recent correction to local lows around $57,000 “cleaned up excessive leverage on futures contracts on cryptocurrency exchanges.”
They also noted that the U.S. Bitcoin exchange-traded fund reversed course to consolidated net inflows after eight consecutive days of outflows. Even Grayscale’s converted GBTC ETF saw net inflows of $63 million on Friday after 78 consecutive days of outflows. “This is significant given that GBTC has been a source of significant and persistent selling that the new nine ETFs have had to absorb,” they explained.
Bernstein analysts also cited overall inflows into ETFs over the past three months, encouraging corporate treasuries to purchase Bitcoin, a steady post-halving hash rate, healthy post-halving transaction fees, and falling Bitcoin mining equipment prices as healthy signs. Yes. The overall Bitcoin market.
According to The Block’s Bitcoin price page, Bitcoin is currently trading above $64,400.
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