Will the Surge in Bitcoin Price Continue? Bernstein Predicts $150,000 for BTC!
Despite previous speculations of a downward trend for Bitcoin following April’s declines, the cryptocurrency has once again surged, defying expectations. Bitcoin, which started the second week of May on a positive note, has risen above $65,000.
This upward movement has sparked renewed optimism in the market, with bullish predictions pouring in. Analysts at Bernstein, who had previously forecasted Bitcoin to reach $150,000, have reaffirmed their stance, insisting that the cryptocurrency’s rise will continue.
According to reports from The Block, Bernstein analysts Gautam Chhugani and Mahika Sapra emphasized in a note to clients that their $150,000 projection remains valid. Addressing recent corrections in the market, they explained, “Bitcoin has experienced a correction in recent weeks, reaching as high as $56,000. However, this is a completely normal situation. This correction has effectively cleared the excess leverage in futures contracts on cryptocurrency exchanges.”
While indicators suggest that Bitcoin is in the early stages of an upward trend, these corrections are seen as a healthy part of the market cycle. “At this point, as Bernstein, we reiterate our prediction that Bitcoin will reach $150,000 by the end of 2025,” the analysts added.
Analyzing the recent surge that propelled Bitcoin above $65,000, the analysts attributed it to positive net inflows in the spot BTC ETF flow in the United States. Furthermore, they expressed confidence in the continuing rise of Bitcoin, citing factors such as strong inflows into ETFs over the past three months, growing interest from corporate treasuries, a stable post-halving hash rate, healthy transaction fees, and affordable Bitcoin mining equipment.
It’s important to note that this article does not constitute investment advice. However, with Bernstein’s bullish predictions and the current market trends, Bitcoin’s rise appears to be far from over.