Bitcoin Is Down, But These Analysts Still Think BTC Hits $150K This Year
AllianceBernstein join Standard Chartered analysts in seeing the price of BTC more than doubling in the next 18 months.
By Mat Di Salvo
May 7, 2024
3 min read
Bitcoin busts through...again. Image: Shutterstock
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Bitcoin may be trading below its 2021 record high of $69,044, mired in the doldrums after setting an all-time high of in March, but that doesn’t mean the price can’t double by the end of 2025—or even sooner.
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That’s according to analysts at investment firm AllianceBernstein, who said in a Monday report that they “feel even better” about their $150,000 price prediction for the biggest cryptocurrency.
The analysts at the leading financial firm set the optimistic mark last year. Despite current market conditions, they see a long bull run ahead.
Bitcoin Is Headed for $150K, Say Bernstein Analysts
Fresh off a new all-time high price, Bitcoin is on its way to $150,000 per coin, according to global investment firm AllianceBernstein. In a Monday note, the firm said that the sheer volume of cash flooding into newly approved exchange-traded funds will ensure the value of Bitcoin will continue to rise. The firm predicted last year that Bitcoin would hit $150,000 by 2025. Now, it believes hitting the milestone is even more likely. The price of Bitcoin set a new all-time high this morning, cros...
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Mat Di Salvo
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“We believe we are in mere first quartile of this cycle, and the market has another 15-18 months before we consider this market topping out,” analysts Gautam Chhugani and Mahika Sapra wrote.
They are not the only experts that say $150,000 is within sight.
British multinational bank Standard Chartered said last month that the ETFs will continue to be popular and included in broader macro funds, which will lead to the price of the cryptocurrency to rocket to $150,000 by the end of this year.
The analysts from both firms saw the January launch of spot Bitcoin ETFs as a key driver.
“ETF issuers continue to provide positive feedback from their dialogues with asset allocators, and this cycle we have seen the best institutional marketing engines at work (aka BlackRock, Fidelity),” the Bernstein pair wrote.
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They also argued that demand for the newly approved ETFs will continue, thus further driving up the price of the digital coin. The funds saw both low lows and high highs just last week.
Bitcoin ETFs Are Back? $378 Million In Gains Marks Best Day In Over a Month
After a depressing few weeks of outflows, the tide may be turning for Bitcoin exchange-traded funds (ETFs): On Friday, every single one of the relatively young investment products saw their cash flow turn positive for the first time ever. Data from Farside Investors shows that the unanimous turnaround was due to investors plugging more cash into Grayscale’s Bitcoin Trust (GBTC) than was pulled out of it since it became an ETF in January. The fund had experienced outflows every day as investors...
News
Markets
3 min read
Mat Di Salvo
May 7, 2024
Back in January, the U.S. Securities and Exchange Commission finally authorized 11 spot Bitcoin ETFs, allowing them to trade on stock exchanges. The funds have drawn a flood of capital into the market as ordinary investors sought exposure to the cryptocurrency via brokerage accounts offered by traditional financial firms like VanEck, BlackRock, and Fidelity.
Buoyed by ETF fever, the price of Bitcoin hit a new all-time high of $73,747 two months ago, but has since struggled, dropping below $57,000 last week. BTC is now trading at a little over $63,000 per coin, according to CoinGecko. 
BTC
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$63,156.94
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8. Apr
15. Apr
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$55000
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Over the weekend, however, ETF outflows reversed course as money again flooded into the funds. The recent upward trajectory “cleaned up the excess leverage on futures contracts on crypto exchanges,” the Bernstein analysts said, suggesting that it’s only up from here.
