Analysts at investment research firm Bernstein have reaffirmed their prediction that bitcoin (BTC) would hit 0,000 in this bull cycle despite the asset’s retracement in recent weeks. According to a recent report, Bernstein analysts Gautam Chhugani and Mahika Sapra said Bitcoin metrics show the network is in a healthy cycle still in its early stages. Notwithstanding the latest dip, the leading cryptocurrency is far from done. Bernstein Reiterates BTC 0K Prediction Bernstein first predicted that BTC would rally to 0,000 next year in November 2023 due to optimism surrounding the launch of spot Bitcoin exchange-traded funds (ETF) in the U.S. Now, the ETFs have been greenlit, BTC has hit ,700 and fallen to ,000, but the firm is not deterred in its prediction. In
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Analysts at investment research firm Bernstein have reaffirmed their prediction that bitcoin (BTC) would hit $150,000 in this bull cycle despite the asset’s retracement in recent weeks.
According to a recent report, Bernstein analysts Gautam Chhugani and Mahika Sapra said Bitcoin metrics show the network is in a healthy cycle still in its early stages. Notwithstanding the latest dip, the leading cryptocurrency is far from done.
Bernstein Reiterates BTC $150K Prediction
Bernstein first predicted that BTC would rally to $150,000 next year in November 2023 due to optimism surrounding the launch of spot Bitcoin exchange-traded funds (ETF) in the U.S. Now, the ETFs have been greenlit, BTC has hit $73,700 and fallen to $60,000, but the firm is not deterred in its prediction.
In the past few weeks, bitcoin has witnessed significant declines attributed to market participants taking profit and escalated tensions between Iran and Israel. Last week, the bears took the reins and pulled the leading digital asset below $57,000, wiping over $200 billion from the crypto market. Although the asset recovered slightly over the weekend and was trading at $64,000 at the time of writing, it may experience further correction in the short term.
Chhugani and Sapra opined that bitcoin’s recent slump wiped out the excess leverage on futures contracts on crypto exchanges. Their belief aligns with that of Standard Chartered analyst Geoff Kendrick, who stated two weeks ago that the liquidation of leveraged positions created a more favorable environment and cleared a pathway for the crypto market to trend higher.
“We feel even better about that call, and Bitcoin metrics indicate a healthy cycle that is still in its early stages. Risk-reward here remains attractive,” Chhugani and Sapra said.
ETF Inflows Are Encouraging
Furthermore, the Bernstein analysts cited flows into the spot ETFs as an encouraging factor alongside healthy post-halving transaction fees, steady post-halving hash rate, lower prices for bitcoin mining equipment, and more BTC purchases by corporate treasuries.
On Friday, U.S. spot Bitcoin ETFs broke a seven-day outflow streak and recorded over $378 million in inflows. Grayscale’s GBTC, which had seen outflows since its launch, witnessed inflows for the first time, receiving $63 million from investors. Chhugani and Sapra said GBTC’s inflow was a significant improvement in the market because the other nine ETFs have absorbed the fund’s outflows since launch.