Analysts at financial services provider Bernstein increase their price expectations for Bitcoin. This follows a revised report in which they increased their year-end target for the price of the flagship crypto token.
Bitcoin will reach $90,000 by the end of 2024
According to a report by CoinDesk, Bernstein analysts Gautam Chhugani and Mahika Sapra have increased their year-end forecast for the price of Bitcoin from $80,000 to $90,000. Their research report mentioned the strong Discover Bitcoin ETF inflows and record mining income as the reasons for this increased bullishness on the BTC price.
Since their launch, the Spot Bitcoin ETFs have seen price gains impressive amount of inflow into their funds and have contributed significantly to a increase in the price of BTC. As such, it is understandable why these analysts believe they can still have a positive impact on Bitcoin’s price in the long term.
Despite rewards for miners These Bernstein analysts were halved during the Halving event in mid-April and also foresee record mining income for BTC miners. They believe this would have a positive impact on the price of BTC. Bitcoinist recently reported that Bitcoin Halving could force some miners to go bankrupt, paving the way for the remaining miners to enjoy higher earnings.
Meanwhile, also Chhugani and Sapra recently reaffirmed their prediction that Bitcoin will reach $150,000 by mid-2025. They believe that the Spot Bitcoin ETFs will be one of many factors contributing to this massive price increase.
BTC could even reach $150,000 this year
Standard Chartered is another financial institution that has revised its year-end target for the price of Bitcoin. Against them initial prediction of $100,000, they recently declared that Bitcoin could rise to $150,000 by the end of this year. Like Bernstein, Standard Chartered also alluded to the influence of the Bitcoin ETFs as the main reason for their bullishness towards Bitcoin.
The bank noted in the research report that these investment funds provide a more robust and sustainable positioning for Bitcoin, unlike when the crypto token reached new highs based solely on speculation. Standard Chartered also predicts that BTC could rise to $200,000 by the end of 2025.
Interestingly, they added that an “overshoot to $250,000 will likely occur sometime in 2025 if ETF inflows go ahead and reserve managers buy BTC.” However, these predictions look conservative when you think about it Samson Mow’s prediction that BTC could reach $1 million this year.
At the time of writing, Bitcoin is trading around $66,200, down more than 1% in the past 24 hours. facts from CoinMarketCap.
BTC bears reclaim control of price | Source: BTCUSD on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview.com
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