© Reuters. Bernstein predicts Bitcoin will end 2024 at $80,000 before rising to $150,000 in 2025
(BTC) is on track to hit a new high in 2024, before rising to $150,000 in 2025, according to analysts at Bernstein.
“We are about to embark on a new crypto era, marked by unprecedented widespread institutional adoption, which will drive capital from traditional markets into crypto markets. “This moment is unprecedented,” the analysts said in a client note.
“We are also in a favorable macroeconomic situation, with interest rates at maximum levels, inflation falling and possibilities for monetary stimulus in an important global election year. “We are not brave enough to be cautious and we like Bitcoin and Bitcoin mining stocks too much here.”
Analysts expect the world’s top asset managers to launch a Bitcoin ETF this week or next. While a “buy the rumor, sell the news” scenario may play out, they urge investors to focus “on multiple bullish Bitcoin catalysts (halving, trading fee inflection, ETF marketing) along the way.” of the year”.
“Don’t sell the news, buy the dips. “Selling the news” is like selling on a 15-20% correction but missing out on multiple stock market returns ahead,” the analysts added.
One of the possible catalysts for BTC prices to rise in 2024 and 2025 could be much higher than expected demand from corporate treasuries.
“We expect Bitcoin to reach all-time highs in 2024 in the second half post-halving and will likely close the year at ~$80,000 (according to our estimate based on marginal cost). Our estimate for 2025 remains a cycle high of $150,000.”
“Crypto stocks will weigh on overall institutional interest in 2024, as bears continue to be pressured (given short interest) and stock investors feel underexposed to cryptocurrencies.”
Elsewhere, analysts also expect ETH to be the only non-BTC asset to get a spot ETF.
“[C]Combined with its growing fees, scaling roadmap, and sustainable token model, [this] “will position ETH as the main blockchain technological asset,” they added.
