Bernstein, a leading brokerage firm, has revised its long-term price forecast for Bitcoin (BTC) to $200,000 by the end of 2025, up from its previous prediction of $150,000. This bullish outlook is primarily due to anticipated growth in approved and regulated Bitcoin ETFs. Bernstein expects major asset managers like BlackRock, Franklin Templeton, and Fidelity to continue seeing significant inflows in the coming years.

The firm estimates that these regulated investment vehicles could hold around $190 billion in assets by 2025, a significant increase from the current $60 billion. Bernstein views the launch of these funds as a key event that will channel traditional institutional capital into the crypto markets. They predict that spot Bitcoin ETFs may represent around 7% of the total circulating BTC supply by 2025.

Bernstein also believes that Bitcoin has entered a new bull market cycle, driven by the recent halving event and the emergence of new catalysts that will drive demand for the asset. The firm anticipates that BTC will reach $1 million by 2033, with ETFs tracking the cryptocurrency equivalent to nearly 15% of the total supply by the same year.