Coinspeaker
Bernstein Sets $150,000 Post-Halving Bitcoin Price Target
Analysts from Bernstein, a top research and brokerage firm, strongly believe that the price of Bitcoin (BTC) will hit $150,000 after the upcoming halving event. The analysts are optimistic that the top cryptocurrency by market capitalization will resume its bullish trajectory once the halving event is out of the way and the mining hash rate has settled.
The projected Bitcoin price target is expected to be achievable before the end of 2025. It is worth noting that Bitcoin halving usually comes with some price fluctuations. Often, it precedes a significant bull run for Bitcoin as it alters the market dynamics. The new demand from miners’ potential sell pressure becomes the catalysts that lead to Bitcoin price appreciation in every cycle.
“Historically, a bitcoin price breakout has always followed the halving event and sometimes a few months after halving,” Gautam Chhugani and Mahika Sapra, two senior Bernstein analysts said.
Spot Bitcoin ETF Inflows Drop
Chhugani and Sapra also acknowledged that massive spot Bitcoin ETF inflows must have resumed by the time the halving is over. This statement comes as the Bitcoin ETF market has hit a rocky path these last few days.
Fidelity Investment’s FBTC, which has been one of the top-performing spot Bitcoin ETFs since the launch, registered $0 inflows a few days ago. This broke the 63-day inflow streak that the ETF has maintained for more than two months.
About a week ago, the crypto inflows slipped to $646 million fueled by a drop in institutional investors’ interest in Bitcoin ETFs. The dwindling interest in spot Bitcoin ETFs was believed to have been triggered by a significant drop in the price of the underlying cryptocurrency.
Notably, BTC price dropped to around $67,000 during this time after reaching an All-Time High (ATH) of $73,750.
“Further, integration of spot bitcoin ETFs with wirehouses, RIAs will continue to provide structural demand for bitcoin, in our view. We continue to expect bitcoin to touch a cycle high of $150,000 by 2025,” as seen in a note written by Chhugani and Sapra to clients.
Bitcoin Price Catalysts Outlined
The speculations of these analysts underscore the previous opinion shared by Bloomberg Senior ETF Analyst Eric Balchunas. In an interview, Balchunas stated that the accessibility of spot Bitcoin ETFs on significant wirehouse platforms was “like putting a product on the shelf of Whole Foods or a big food store. Just that kind of exposure and availability is only going to help.”
The Bloomberg analyst expects that spot Bitcoin ETFs will find their way to these wirehouse platforms, which he says could have as much as $7 trillion and $10 trillion in assets, in the coming months.
Another catalyst believed to possess the capacity to push spot Bitcoin ETF performance is Options trading associated with the new asset class. Despite the expectation of approval, the SEC is still weighing in on the matter.