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In a note published earlier this week, Gautam Chhugani and Mahika Sapra, analysts at Bernstein, have reiterated their positive outlook on Bitcoin.
They expressed increased confidence in a possible breakout in Bitcoin's price following the April halving event.
Confidence in the $150K Bitcoin Price Target
In their note, Chhugani and Sapra emphasized their conviction that Bitcoin's price will reach $150,000 by 2025.
Initially made in November last year, this prediction has been bolstered by the rising inflows into spot Bitcoin exchange-traded funds (ETFs).
The analysts highlighted the rapid pace of inflows into these ETFs, suggesting they could surpass their 2025 inflow estimates within 166 trading days for the remainder of 2024. Their forecasts for institutional inflows into Bitcoin, totaling $10 billion for 2024 and $60 billion for 2025, further support their price prediction.
Potential Opportunity in Bitcoin Miners' Stocks
Chhugani and Sapra also identified the recent decline in Bitcoin miners' stocks as a potential opportunity for investors ahead of the halving event.
They suggested that shares of mining companies could quickly rebound to align with Bitcoin's anticipated price surge.
According to Bitcoin News, they anticipated increased institutional interest in Bitcoin equities, particularly in Bitcoin miners, as traditional investors gradually overcome their skepticism towards cryptocurrency.
Market Expectations and Predictions
Market analysts such as Scott Melker, the Wolf of All Streets, foresee a significant bull run for Bitcoin and the broader crypto market.
Similarly, Matt Hougan, the CIO of Bitwise, anticipates an extended bullish period, referred to as an "everything season," with Bitcoin potentially surpassing $200,000 this year.
Based on a Business Insider report contributing to the optimistic sentiment, Michael Saylor, CEO of MicroStrategy, recently remarked that no discernible catalysts could cause Bitcoin prices to decline.
He underscored the cryptocurrency's bolstered position in the market, particularly following the approval of spot Bitcoin ETFs.
Meanwhile, Mike Novogratz, the CEO of Galaxy Digital, highlights the significant global demand for Bitcoin as a critical driver for its future price movements.
Photo: Kanchanara/Unsplash
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