2024-10-25 21:30 |
Although Bitcoin (BTC)’s price has plunged recently, analysts at brokerage firm Bernstein still believe the world’s oldest and largest cryptocurrency has more gas left in the tank. They anticipate BTC hitting $200,000 over the next year or more.
A “Conservative” Price Estimate?Bernstein has provided an ultra-bullish prediction for Bitcoin.
In an Oct. 23 research note to clients, Bernstein’s Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia predicted that BTC could soar to as high as $200,000 in the next year or so as the crypto enters a new institutional era.
“With accelerating institutional adoption, we expect Bitcoin to triple from here to attain a cycle-high price of $200,000 by 2025 end,” the report read.
“We are being conservative,” they posited, citing the record U.S. national debt levels. With the government’s debt crossing the $35 trillion level, Bitcoin’s fixed supply makes it an increasingly appealing store of value.
Bitcoin recently broke through the $69,000 level for the first time in almost three months before dropping to as little as $65,160. The largest cryptocurrency has since rebounded above $67,000 today, adding under 2% in the past 24 hours. BTC touched its current all-time high of just above $73,730 in March.
Institutional Adoption To Fuel Bitcoin’s Astronomical GrowthBernstein strategists had previously forecasted that Bitcoin could hit $150,000 in 2025 due to the unprecedented demand for the U.S.-listed spot Bitcoin exchange-traded funds (ETFs). They reiterated in Wednesday’s report that demand for these investment vehicles will propel the price of the crypto higher.
The optimistic long-term outlook of Bitcoin is getting a boost as institutions increasingly embrace the premier crypto. The world’s largest asset manager, BlackRock, is now offering traditional investors exposure to Bitcoin via the spot ETFs.
According to Bernstein, Wall Street could replace Satoshi as the top Bitcoin wallet by the end of this year. As the 10 spot BTC ETFs continue accumulating inflows, Bernstein suggested that the activity is setting the stage for Bitcoin’s price breakout phase.
“We are on the verge of a new cycle,” Chhugani, Sapra, and Chindalia wrote.
For the investors not interested in BTC ETFs, the analysts recommend shares in MicroStrategy, the world’s largest publicly traded corporate holder of Bitcoin and Robinhood, which is continuing to broaden its crypto services, as alternatives for indirect exposure.
Bernstein’s prognostication is obviously not bulletproof. However, amid the skyrocketing national debt of the United States and institutional adoption, Bitcoin hitting $200,000 by 2025 seems increasingly likely.
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