Bernstein gives a price target of $150,000 after halving. How can it be achieved? How can investors participate?
Bitcoin prices have been at the center of market discussions recently, especially after the recent cryptocurrency market crash. Notably, the downward momentum in Bitcoin prices in recent weeks has also dragged down the prices of other major cryptocurrencies.
However, despite the recent market turmoil, Bernstein analysts remain firmly bullish on Bitcoin's prospects. They expect a recovery after the halving, driven by factors such as stable mining computing power and new ETF inflows. Notably, Gautam Chhugani and Mahika Sapra from Bernstein emphasized the importance of spot Bitcoin ETFs integrating with wirehouses and RIAs, and foresaw continued demand for Bitcoin.
Meanwhile, Bernstein's prediction echoes their previous prediction that Bitcoin will reach $150,000 by mid-2025. The approval of a spot Bitcoin ETF in the United States earlier this year has already driven a sharp rise in Bitcoin prices, highlighting the potential impact of regulatory developments on the cryptocurrency market. Although optimism surrounding the halving event remains, recent market volatility has raised concerns about Bitcoin's near-term trajectory. Nonetheless, some attribute the recent downturn to a natural retracement phase before the halving, suggesting the potential for recovery in the long run.
Some market participants are betting on the long-term prospects of Bitcoin prices, but some analysts warn that short-term volatility is likely after the Bitcoin halving event. In light of this, recent optimistic predictions of BTC prices hitting $150,000 seem to have rekindled investor confidence. In addition, the success of the US spot Bitcoin ETF and the recent approval of Bitcoin and Ethereum ETFs in Hong Kong have further boosted market sentiment. Considering that despite the recent setbacks, many remain optimistic about Bitcoin's long-term trajectory.
Bitcoin prices fell 1.02% in the past 24 hours to trade at $62,350.71 after hitting a 24-hour high of $64,486.36. Despite the rise in BTC prices since the U.S. spot Bitcoin ETF approval, the flagship cryptocurrency is still down nearly 7% over the past 30 days.Notably, CoinGlass data shows that Bitcoin futures open interest rose 0.41% to $31.32 billion, or $500,780 in Bitcoin, in the past 24 hours. Bybit topped the list, with OI surging 1.04% to 69,160 BTC, or $4.32 billion, in the past 24 hours.
