Analysts at financial services firm Bernstein are increasing their price expectations for Bitcoin. This follows a revised report in which they boosted their year-end target for the flagship crypto token’s price.
Bitcoin To Hit $90,000 By The End Of 2024
According to a report by CoinDesk, Bernstein analysts Gautam Chhugani and Mahika Sapra have raised their year-end prediction for Bitcoin’s price from $80,000 to $90,000. Their research report cited the strong Spot Bitcoin ETF inflow and a record mining income as the reasons for this increased bullishness on BTC’s price.
Since launching, the Spot Bitcoin ETFs have recorded an impressive amount of inflows into their funds and have significantly contributed to an increase in BTC’s price. As such, it is understandable why these analysts believe they could still positively impact Bitcoin’s price in the long run.
Despite miners’ rewards being cut in half during the Halving event in mid-April, these Bernstein analysts also foresee a record mining income for BTC miners. They believe this would have a positive impact on BTC’s price. Bitcoinist recently reported that Bitcoin Halving could force some miners out of business, paving the way for the remaining miners to enjoy increased revenue.
Meanwhile, Chhugani and Sapra also recently reaffirmed their prediction that Bitcoin will hit $150,000 by mid-2025. They believe that the Spot Bitcoin ETFs will be one of many factors contributing to this massive price surge.
BTC Could Even Hit $150,000 This Year
Standard Chartered is another financial institution that revised its year-end target for Bitcoin’s price. As against their initial prediction of $100,000, they recently stated 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 primary reason for their bullishness on 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 hit new highs solely based on speculations. Standard Chartered also predicts that BTC could rise to $200,000 by the end of 2025.
Interstingly, they added that an “overshoot to $250,000 is likely at some point in 2025 if ETF inflows continue apace and reserve managers buy BTC.” These predictions, however, look conservative when one considers Samson Mow’s prediction that BTC could hit $1 million this year.
At the time of writing, Bitcoin is trading at around $66,200, down over 1% in the last 24 hours, according to data from CoinMarketCap.
BTC bears reclaim control of price | Source: BTCUSD on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview.com