As a researcher with a background in finance and experience following the cryptocurrency market, I find Bernstein’s reaffirmed prediction of bitcoin reaching $150,000 intriguing. The recent dip in BTC‘s price doesn’t seem to deter the analysts, who believe the network is still in a healthy cycle.
Investment analysts at Bernstein have maintained their belief that Bitcoin‘s price could reach $150,000 during this current market uptrend, despite a recent dip in its value.
Based on a recent analysis by Bernstein’s Gautam Chhugani and Mahika Sapra, the condition of the Bitcoin network remains robust and is currently undergoing a healthy development phase. Despite the recent price drop, Bitcoin’s growth trajectory is far from over.
Bernstein Reiterates BTC $150K Prediction
Bernstein originally forecasted that Bitcoin (BTC) would reach $150,000 by November 2024, driven by excitement surrounding the approval of U.S. spot Bitcoin exchange-traded funds (ETFs). Since then, these ETFs have been authorized, causing BTC to surge to $73,700 but subsequently drop to $60,000. However, Bernstein remains steadfast in its projection.
Over the past few weeks, bitcoin has experienced notable drops, primarily due to investors cashing out their profits and heightened geopolitical conflicts between Iran and Israel. Last week saw a bearish market takeover, pushing bitcoin under $57,000 and erasing around $200 billion from the crypto market as a whole. While the asset regained some ground over the weekend, trading at approximately $64,000 during my writing, there’s a possibility for further corrections in the near future.
As a financial analyst, I’ve observed that Chhugani and Sapra’s perspective aligns with my own assessment. The recent downturn in bitcoin’s price has effectively reduced excess leverage on futures contracts within crypto exchanges. This observation echoes the viewpoint of Standard Chartered analyst Geoff Kendrick, who voiced a similar sentiment two weeks prior. According to him, the elimination of heavily leveraged positions has paved the way for a more advantageous market condition and potentially set the stage for an upward trend in crypto prices.
Chhugani and Sapra expressed their confidence in the recent call they made, adding that Bitcoin’s performance indicators suggest a robust trend with plenty of room for growth in its initial phase. The potential risks versus rewards continue to look enticing.
ETF Inflows Are Encouraging
Additionally, Bernstein’s analysis team highlighted the influx of funds into Bitcoin spot Exchange-Traded Funds (ETFs) as a positive sign, in addition to robust post-halving transaction fees, a stable hash rate after the halving event, reduced costs for bitcoin mining hardware, and increased purchases of Bitcoin by corporate treasuries.
On Friday, there was a reversal of trends for U.S. Bitcoin spot ETFs, as they reported over $378 million in inflows after seven consecutive days of outflows. This turnaround also marked the first time that Grayscale’s GBTC saw inflows since its launch, with investors adding $63 million to it. Chhugani and Sapra noted that this influx into GBTC was particularly noteworthy because the other nine ETFs had been absorbing its outflows since their inception.
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2024-05-06 16:44