Amid the ongoing uncertainties and fluctuations in the crypto market, Bernstein, a prominent global research firm, has offered a bullish outlook for the Bitcoin price. Their latest analysis has offered a ray of optimism for Bitcoin investors, suggesting that Bitcoin could reach $150,000 following the Halving event.
Notably, this projection aligns with historical trends, as Bitcoin has historically surged post-Halving, buoyed by factors like mining adjustments and ETF inflows.
Bernstein Predicts Bitcoin Price To Hit $150K Post Halving
The Bitcoin price has been at the center of discussions in the market lately, especially after the recent crypto market crash. Notably, the downturn momentum in the Bitcoin price has also dragged down the prices of other major cryptos in recent weeks.
However, despite recent market turbulence, Bernstein’s analysts remain steadfast in their bullish outlook for Bitcoin. They anticipate a resurgence post-Halving, driven by factors such as stabilized mining hash rates and renewed ETF inflows. Notably, Gautam Chhugani and Mahika Sapra from Bernstein emphasize the significance of Spot Bitcoin ETF integration with wirehouses and RIAs, foreseeing sustained demand for Bitcoin.
Meanwhile, Bernstein’s prediction echoes their previous forecast of Bitcoin hitting $150,000 by mid-2025. The approval of the U.S. Spot Bitcoin ETF has already catalyzed a significant price rally for Bitcoin earlier this year, underscoring the potential impact of regulatory developments on cryptocurrency markets.
While optimism surrounding the Halving event persists, recent market volatility has raised apprehensions about Bitcoin’s immediate trajectory. Nonetheless, some attribute the recent downturn to a natural retracement phase pre-Halving, suggesting potential for recovery in the long run.
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Price Performance Amid Varied Market Sentiment
Although several market participants are betting on the long-term perspective of the Bitcoin price, some analysts have warned about potential short-term volatility following the BTC Halving event. Given that, the recent bullish forecasts of BTC price hitting $150,000 seem to have renewed the investors’ confidence.
In addition, the success of the U.S. Spot Bitcoin ETFs, as well as the recent approval of the Bitcoin and Ethereum ETF in Hong Kong has further bolstered the market sentiment. Considering that many are still optimistic about Bitcoin’s long-term trajectory despite the recent setback.
Meanwhile, the Bitcoin price was down 1.02% over the last 24 hours and traded at $62,350.71 during writing, after touching a 24-hour high of $64,486.36. Despite the rally in BTC price since the U.S. Spot Bitcoin ETF approval, the flagship crypto has lost nearly 7% over the last 30 days.
Notably, the Bitcoin Futures Open Interest was up 0.41% over the last 24 hours to $31.32 billion or $500.78K BTC, CoinGlass data showed. Bybit topped the list with a surge of 1.04% in OI over the last 24 hours to 69.16K BTC or $4.32 billion.
Also Read: 5 Crypto To Sell Before Bitcoin Halving Event
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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