- According to the latest projection by the global asset management firm Bernstein, Bitcoin (BTC) is expected to reach levels of $150,000 between 2024 and 2027.
- Bernstein’s forecast will be achieved by using an expected price multiplier of 1.5 to reach the potential price of $150,000 likely by mid-2025.
- All analysts and many experts seem to be in strong agreement that the SEC’s approval for an ETF could drive the price of Bitcoin (BTC) to $45,000 by the end of 2023.
According to the latest Bitcoin price projections by the global asset management firm Bernstein, BTC is expected to reach $150,000, but when?
Bernstein’s Bitcoin Price Prediction
According to the latest projection by global asset management firm Bernstein, the price of Bitcoin (BTC) is expected to reach $ 150,000 between 2024 and 2027. Over the last 24 hours, Bitcoin has experienced a small price increase of 0.5% and the leading cryptocurrency is currently trading at $34,440.
Bernstein holds an optimistic view regarding this matter. To achieve the significant price increase they anticipate, BTC would need to increase by as much as 336% from its current market value.
To support its claim, Bernstein points to the historical relationship between Bitcoin’s price and its cost. This comparison is essential in showing how far above the production cost BTC is trading. In the long term, it provides miners with necessary information about potential profitability and reflects overall market sentiment.
It’s worth noting that about six years ago, Bitcoin (BTC) traded at approximately five times its cost. During that time, it reached an All-Time High (ATH) of about $20,000. Two years later, in 2019, the coin reached its peak but did not surpass the figure recorded in 2017. The 2019 peak saw a 1.5 multiplier that allowed it to reach an almost $70,000 price tag.
Bernstein’s forecast will be achieved by using an expected price multiplier of 1.5 to reach the potential price of $150,000 likely by mid-2025. Often, the cost serves as a support level or base for the token’s price, and we see this in the valleys on the chart. Especially, it indicates that Bitcoin’s price rarely drops below its cost.
Approval of Bitcoin ETF Could Trigger Price Increase
Furthermore, expectations of approval for a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC) are believed to hold greater value for the asset in the long term.
All analysts and many experts seem to be in strong agreement that the SEC’s approval for an ETF could drive the price of Bitcoin (BTC) to $45,000 by the end of 2023. Discussions about the potential approval of a Bitcoin ETF are now focusing on when the product might finally be approved, instead of the uncertainty that prevailed at the beginning of the year.
Applicants like BlackRock and Valkyrie have already launched Bitcoin ETFs, and many believe these applications are closer to expected approval.
