Quick Take:

• Analysts at Bernstein reaffirm their forecast of bitcoin reaching $150,000 during this cycle.
• Despite recent minor pullbacks, Bernstein remains bullish on bitcoin’s trajectory.
• Various factors including healthy market metrics and institutional interest bolster their confidence.

The latest analysis from Bernstein reinforces a bold projection for bitcoin’s future, as analysts Gautam Chhugani and Mahika Sapra double down on their prediction of the cryptocurrency hitting $150,000 within this cycle, potentially by the end of 2025.

While acknowledging recent minor retractions in bitcoin’s price, Bernstein’s analysts maintain a positive outlook, asserting that bitcoin’s journey is far from over. They highlight that recent market movements have effectively mitigated excess leverage on futures contracts across crypto exchanges, indicating a healthier market environment.

Additionally, a notable shift in sentiment has been observed in the realm of bitcoin exchange-traded funds (ETFs) in the United States. After eight consecutive days of outflows, ETFs have reverted to combined net inflows, with Grayscale’s GBTC ETF witnessing $63 million in net inflows after a prolonged period of selling. This reversal is particularly significant given GBTC’s historical significance as a source of selling pressure.

Moreover, the analysts point to broader trends such as sustained inflows into ETFs over the past quarter, growing interest from corporate treasuries in bitcoin acquisitions, stable post-halving hash rates, reasonable post-halving transaction fees, and subdued prices for bitcoin mining equipment. These factors collectively signal a healthy and optimistic outlook for the bitcoin market.

As of the latest data, bitcoin is trading above $64,400, underscoring the resilience and potential for growth within the cryptocurrency space.