đ¨đ¨ warning!btc is likely to increase in price soonđđ
Giant Financial Alliance Bernstein Predicts Bitcoin to Reach $1 Million by 2033
AllianceBernstein, a leading global investment firm with $725 billion in assets under management, has significantly raised its price target for Bitcoin. In a new report, they predict the top cryptocurrency will reach $1 million by 2033, highlighting the new wave of adoption of Bitcoin exchange-traded funds (ETFs) in the US.
Entry of Large Bitcoin ETFs
Analysts Gautam Chhugani and Mahika Sapra forecast that assets under management in Bitcoin ETFs will rise to around $190 billion by 2025, a significant increase from the current $60 billion. They believe that the US-managed ETFs will be a "tipping point" for cryptocurrency, attracting demand from traditional capital groups.
Impact of Bitcoin's Halving Mechanism
The report also emphasizes the impact of Bitcoin's supply mechanism, particularly the halving events. After each halving, Bitcoin has typically experienced significant price surges. Bernstein relies on past cycles to set the context and predicts a 1.5x increase over Bitcoin's marginal cost of production in the 2024-2027 cycle, peaking at $200,000 by mid-2025.
Outlook for MicroStrategy and Bitcoin
Alongside their Bitcoin outlook, Bernstein also issued an outperform rating for MicroStrategy, targeting a price of $2,890 per share by the end of 2025. MicroStrategy has gained notoriety for its Bitcoin buyback strategy, currently holding 1.1% of the cryptocurrency's circulating supply. The analysts believe their holdings will increase to 1.5% by 2025.
With such bullish predictions from this giant financial alliance, Bitcoin could be on its way to becoming a major asset in institutional investors' portfolios.$BTC