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Home»ADOPTION NEWS»Bernstein analyst doubles down on $150,000 Bitcoin price prediction.
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Bernstein analyst doubles down on $150,000 Bitcoin price prediction.

By Crypto FlexsMay 6, 20243 Mins Read
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Bernstein analyst doubles down on 0,000 Bitcoin price prediction.
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Market • May 6, 2024 4:09 AM EDT

Posted 1 minute ago In ~

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%
“Metrics indicate a healthy cycle and that it is still in its early stages,” Gautam Chhugani and Mahika Sapra wrote in a note. “The risk-reward here remains attractive.”

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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded BeInCrypto.com, where he served as Editor-in-Chief and grew it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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