Bernstein analysts have raised their price target for Bitcoin, expecting a rally in the cryptocurrency market. The new target is set at $200,000 by the end of 2025, up from the previous target of $150,000. In a recent report, Bernstein highlighted the unprecedented bull cycle that Bitcoin is currently experiencing.
Looking ahead, analysts foresee Bitcoin reaching $500,000 by the end of 2029 and potentially hitting $1 million by 2033. They also emphasized the significance of spot Bitcoin ETFs, noting that these investment vehicles are a turning point for the crypto market. The increasing demand for ETFs and the limited supply of Bitcoin are key factors in their price predictions.
Bernstein analysts Gautam Chhugani and Mahika Sapra pointed out that US-approved ETFs are bringing structural demand from traditional sources of capital. They estimate that ETFs will represent 7% of the circulating Bitcoin supply by 2025 and 15% by 2033. Based on these projections, they expect the price of Bitcoin to reach $200,000 by the end of 2025 and $1 million by 2033.
The analysts also highlighted the role of MicroStrategy, Bitcoin’s largest institutional investor, in driving the market forward. They noted that MicroStrategy founder Michael Saylor has positioned the company as a leading player in the Bitcoin space, attracting significant capital for active Bitcoin acquisitions.
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