In a research report on Tuesday, Bernstein analysts said they are confident that Bitcoin's price is on track to reach 150,000 by mid-2025 despite recent market corrections.
The company cited a shift from sentiment-driven to structurally driven demand in Bitcoin markets, led by institutional interest and inflows into ETFs. As Bitcoin resumes its upward trajectory after falling to a low of around $57,000, Bernstein pointed to a liquidation of excess leverage in futures and a positive reversal in ETF flows.
Most notable was the Grayscale Bitcoin Fund announcing its first inflows after 78 consecutive days of outflows, a milestone given its impact on market dynamics.
"Bitcoin's current position at around $64,000 is just the beginning. The market structure is much stronger than it was during the 2021 spree at similar levels, driven largely by clear ETF-driven demand."
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