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Bitcoin's latest rally puts it on track to hit $150,000 by mid-2025, Bernstein says

Yuheng Zhan   

Bitcoin's latest rally puts it on track to hit $150,000 by mid-2025, Bernstein says
  • Bernstein analysts are "more convinced" after the latest rally that bitcoin will hit $150,000 in 2025.
  • Analysts predict that Bitcoin's price is likely to extend its record run following April's halving.

As Bitcoin smashes past $72,000 to a fresh record high, Bernstein analysts are"now more convinced" that the largest cryptocurrency will reach $150,000 by mid-2025.

In a note to clients on Monday, Bernstein's analysts Gautam Chhugani and Mahika Sapra reiterated their bullish forecasts that the price of the world's largest cryptocurrency is likely to "break out" after the halving event in April on the back of the current strong momentum. The analysts said that they're "now more convinced" about their target for the crypto, which they first published last year.

"We built bitcoin institutional flows in our estimates to arrive at bitcoin price. We estimated $10 billion inflows for 2024 and another $60 billion for 2025," they wrote in the note.

The analysts referred to the recent slump in bitcoin miners' stocks as the likely "last window" for investors before the halving, as shares of mining firms will swiftly catch up with bitcoin's price surge.

They emphasized that even 14 years after the crypto's birth, bitcoin miners are the best proxy for the token itself.

Investors, the analysts said, should look beyond the daily correlation between the performance of bitcoin miners and the price of bitcoin, adding that they should see moments of weakness in mining shares as opportunities to invest.

"With Bitcoin climbing new highs of $71,000, we expect institutional interest in bitcoin equities to finally tip over, and bitcoin miners to be the largest beneficiaries. The bitcoin miners trade requires some more patience."

Their faith in the steady path to $150,000 is reinforced by the surge in bitcoin ETF inflows, which have soared past $9.5 billion since they were approved by regulators in January. In just the last 30 days, the funds have seen inflows averaging around $370 million per day.

"At this run rate, Bitcoin ETFs would surpass our 2025 inflow estimates within 166 trading days for [the] rest of 2024," the analysts added.

Bitcoin dipped 2.5% on Tuesday, to around $70,801 as of 2:30 p.m. ET.

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