As optimism grows about a bitcoin exchange-traded fund, Bernstein expects the price of bitcoin could rise to $150,000 by mid 2025.
Last week, the price of bitcoin reached its highest level since May 2022, as investors remain hopeful for a green light on a bitcoin exchange-traded fund.The price of bitcoin could rise to $150,000 by 2025, Bernstein said Tuesday in a note citing optimism about a
Bernstein analyst Gautam Chhugani said the firm expects the Securities and Exchange Commission to approve a bitcoin ETF by the first quarter of 2024. The bullish estimate is about five times the current price of around $34,000 and more than double bitcoin's all-time high more than $67,000 set in Nov. 2021.
Bernstein also expects that ETF approval would shift up to 10% of bitcoin's circulating supply towards ETFs. The approval would allow conventional investors to get bitcoin exposure directly from their investment portfolios. The only similar product is"You may not like Bitcoin as much as we do, but a dispassionate view of Bitcoin as a commodity, suggests a turn of the cycle," Chhugani wrote.
The prediction came in a note where Chhugani initiated coverage on several bitcoin mining firms, saying that the bitcoin "halving" in Apr. 2024 -- in which bitcoin rewards will be halved as part of a planned and recurring event baked into the currency's underlying code -- will force "losing miners" to be "washed out," paving the way for big gains by the survivors.
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