- Analysts at Bernstein predict that the price of Bitcoin will reach $150,000 in this cycle. They attribute this move to various factors. Meanwhile, a significant amount of Bitcoin that has been dormant for a decade moved this morning.
- Bitcoin’s price has suffered modest losses in recent weeks. However, Bernstein analysts say the leading cryptocurrency is “far from over”. They reiterated their predictions that Bitcoin will reach $150,000 in this cycle and expect it to reach this peak target by the end of 2025.
- A BTC wallet that has been inactive for over a decade moved early this morning. The whale transferred all 687.33 BTC (worth over $44 million). The reason for the transfer is unknown.
Bitcoin is set to reach $150,000 in this cycle, according to Bernstein analysts. Meanwhile, a dormant Bitcoin wallet moved for the first time in over a decade.
Bernstein Predicts $150,000 for Bitcoin
Despite recent modest losses, Bernstein analysts believe Bitcoin is “far from over”. They expect the leading cryptocurrency to reach $150,000 in this cycle and predict it will hit this peak by the end of 2025. Analysts Gautam Chhugani and Mahika Sapra stated: “We feel even better about this prediction and BTC measurements still point to a healthy cycle in its early stages. It maintains its risk-reward appeal here.”
Over-leveraged Positions Cleared, GBTC Sees Re-entry!
Analysts suggest that the recent correction to a local low of approximately $57,000 effectively “cleared the over-leverage in futures contracts on crypto exchanges”. They also note that Bitcoin exchange-traded funds in the United States have reversed course, returning to net entries after eight consecutive days of exits. Grayscale’s GBTC ETF even broke a 78-day exit streak, recording a net entry of $63 million last Friday. Analysts explained: “GBTC has been a significant and continuous source of sales. Also, the new 9 ETF had to absorb this. Considering all this, this is a significant development.”
Whale Moves $44 Million Worth of Bitcoin After a Decade
A BTC wallet that has been inactive for over a decade moved early this morning. The whale transferred all 687.33 BTC (worth over $44 million). The wallet first received the BTCs on January 12, 2014. The reason for the transfer, as well as the identity of the wallet’s owner, remains unknown.
Recent BTC Whale Movements
There have been other notable BTC transfers in recent months. In March, an address that is the fifth richest on the Bitcoin Blockchain and has been inactive since 2019 moved $6 billion. The same month, a whale consolidated $140 million worth of BTC mined in 2010 into a single wallet. Although technically not on the Bitcoin Blockchain, someone lost approximately $71 million worth of wrapped Bitcoin in a visible address poisoning attack on the Ethereum Blockchain.
Conclusion
Despite recent modest losses, Bitcoin is expected to reach new heights, according to Bernstein analysts. Meanwhile, significant movements in dormant Bitcoin wallets suggest that the market remains active and unpredictable.
