- Investment research firm Bernstein reaffirms its prediction that Bitcoin (BTC) will hit $150,000 in this bull cycle, despite recent retracements.
- Bernstein analysts Gautam Chhugani and Mahika Sapra believe that Bitcoin metrics indicate a healthy cycle still in its early stages.
- Despite significant declines in recent weeks, the firm maintains its optimistic outlook, citing encouraging inflows into spot ETFs and other positive factors.
Despite recent market volatility, Bernstein analysts reaffirm their prediction for Bitcoin to hit $150,000 in this bull cycle, citing healthy metrics and encouraging ETF inflows.
Bernstein Stands by BTC $150K Forecast
Bernstein initially predicted that BTC would rally to $150,000 by 2023, driven by optimism surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. Despite recent market fluctuations and a drop to $60,000, the firm remains confident in its prediction. The recent market dip, according to Chhugani and Sapra, cleared excess leverage on futures contracts on crypto exchanges, creating a more favorable environment for the crypto market to trend higher.
Positive Indicators Support Bullish Outlook
Bernstein analysts also highlighted positive indicators such as healthy post-halving transaction fees, steady post-halving hash rate, lower prices for bitcoin mining equipment, and increased BTC purchases by corporate treasuries. They also noted the encouraging inflows into spot ETFs, with U.S. spot Bitcoin ETFs recording over $378 million in inflows last Friday, breaking a seven-day outflow streak.
GBTC Sees Inflows for the First Time
Grayscale’s GBTC, which had seen outflows since its launch, also witnessed inflows for the first time, receiving $63 million from investors. Chhugani and Sapra view this as a significant market improvement, as the other nine ETFs have absorbed GBTC’s outflows since its launch.
Conclusion
Despite recent market volatility, Bernstein analysts remain bullish on Bitcoin, citing healthy metrics and encouraging ETF inflows. Their prediction for Bitcoin to hit $150,000 in this bull cycle remains unchanged, providing a positive outlook for investors and the wider crypto market.
