Bernstein: Bitcoin is expected to reach an all-time high after the halving in 2024, and may reach about $80,000 before the end of the year
Analysts at global investment firm Bernstein predict that Bitcoin is expected to break its historical record in 2024 and could soar to $150,000 in 2025. In the report, the analysts wrote: "We are entering a new era of cryptocurrencies, marked by unprecedented mainstream acceptance, which will drive capital from traditional markets to the cryptocurrency market. This is an unprecedented moment." They also pointed out: "We are in a favorable macro environment, with interest rates already at their peak, inflation on the decline, and election years potentially bringing monetary stimulus policies. We are very optimistic about Bitcoin and Bitcoin mining stocks."
The analysts expect that the world's top asset management companies will launch Bitcoin ETFs this week or next. Although there is a risk of "buy the rumor, sell the fact", they believe that there are still multiple bullish factors for Bitcoin throughout the year, such as the halving of mining rewards, the inflection point of transaction fees, and ETF marketing. The analysts added: "Don't sell when the news is confirmed, but instead buy when the price drops. Selling the fact may mean that you exit after a correction of 15-20%, but this may cause you to miss out on future gains."
They predict that Bitcoin will reach a new historical high in the second half of 2024 after the halving, and may reach about $80,000 by the end of the year (based on our marginal cost estimate). The prediction for 2025 remains at $150,000, which will be the peak of the cycle.
At the same time, the analysts believe that cryptocurrency concept stocks will receive mainstream attention in 2024, as warehouse positions continue to be squeezed and stock investors feel that their investments in cryptocurrency concept stocks are insufficient. In addition, the analysts also predict that Ethereum (ETH) will become the only asset other than Bitcoin to receive spot ETF status.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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