RBC.ru - Experts have named the key factors for Bitcoin growth in the near future.

Despite the decline in price from the peak of $74 thousand by more than 10%, Bitcoin, according to analysts at the brokerage company Bernstein, has not yet “exhausted itself” and retains growth potential. The bank's experts confirmed their previous forecast for the price of Bitcoin at $150 thousand by the end of 2025.

The rate of Bitcoin to stablecoin USDT on the Binance cryptocurrency exchange rose above $65 thousand on May 6. At 13:20 Moscow time, the price of Bitcoin is $65,270 thousand with a capitalization of $1.2 trillion. During the day, the first cryptocurrency rose in price by about 2.2%.

“Market indicators indicate that the current Bitcoin cycle has just begun,” Bernstein experts wrote in a note, adding: “The risk-reward profile remains attractive.”

According to analysts, the recent fall of Bitcoin to a local minimum of around $57 thousand cleared the market of excess leverage on futures contracts.

Among the factors driving Bitcoin's growth, experts cited a significant overall influx of funds into Bitcoin exchange-traded funds since their launch in January. By the beginning of May, 821 thousand bitcoins had accumulated under the management of spot exchange-traded funds, which is 4.1% of all coins in circulation, worth $51 billion.

Spot bitcoin exchange-traded funds resumed growth after eight days of investor outflows. According to SoSo Value, on Friday, May 3, net inflows into exchange-traded funds totaled $378 million. Grayscale's GBTC fund recorded net inflows of $63 million after a 78-day streak of outflows.

Bernstein experts note a stable indicator of the total computing power used for cryptocurrency mining - the hashrate of the Bitcoin network. The average Bitcoin hashrate at the current difficulty is 607.47 EH/s, which is lower than the previous maximum value of 650.29 EH/s, set the day before the halving, which occurred on April 19.

Galaxy Digital estimates that by the end of 2024 the total network computing power will be between 675 EH and 725 EH. Experts attribute the increase in hashrate to the commissioning of new generation devices for mining cryptocurrencies.

Transaction fees are also at “healthy” levels since the last halving, which speaks to the resilience of the network. In addition, prices for Bitcoin mining equipment have dropped, making mining more accessible to new players.

Halving is traditionally positioned as a bullish factor for the cryptocurrency market. A decrease in the rate of cryptocurrency issuance with growing demand from exchange-traded funds may lead to an increase in its price.

However, halving can cause serious difficulties for miners whose operating costs exceed a certain level. A reduction in remuneration could make their operations unprofitable if the Bitcoin price does not rise high enough to compensate for the loss of income.