In the midst of the crypto market’s continual volatility and uncertainty, Bernstein, a well-known research firm, has given an optimistic forecast for Bitcoin‘s price. According to their latest assessment, Bitcoin may surge up to $150,000 after the Halving event, providing hope to investors.
Significantly, Bitcoin’s price trend after the Halving event has followed a historical pattern. Previous observations show that the cryptocurrency typically experiences a price increase due to influences such as mining rewards adjustments and Exchange-Traded Fund (ETF) investments.
Bernstein Predicts Bitcoin Price To Hit $150K Post Halving
Lately, there’s been a lot of talk in the market about the price of Bitcoin. This heightened interest comes following the recent crypto market decline. It’s important to note that the falling trend in Bitcoin’s price has also caused the values of other significant cryptocurrencies to decrease over the past few weeks.
Despite the volatile market conditions for Bitcoin lately, Bernstein’s analysts continue to hold a positive view. They believe that a rebound will occur following the Bitcoin Halving, fueled by elements like steady mining hash rates and increased ETF investments. Importantly, analysts Gautam Chhugani and Mahika Sapra from Bernstein stress the importance of Spot Bitcoin ETF approval by wirehouses and RIAs, predicting lasting interest in Bitcoin.
Simultaneously, Bernstein’s prediction aligns with their earlier estimation that Bitcoin could reach $150,000 by mid-2025. The launch of the U.S. Spot Bitcoin ETF has already sparked a substantial price increase for Bitcoin in 2021, demonstrating how regulatory decisions can influence cryptocurrency markets.
Despite continued optimism about Bitcoin’s Halving, the market’s recent volatility has caused concerns over its short-term direction. However, others believe that this latest dip is just a normal correction before the event and could lead to a rebound in the future.
Price Performance Amid Varied Market Sentiment
Some investors are optimistic about Bitcoin’s future value, but analysts caution that there could be short-term price fluctuations after the halving event. However, recent predictions of Bitcoin reaching $150,000 have boosted investor confidence once more.
Furthermore, the achievement of U.S. Spot Bitcoin ETFs and the recent acceptance of a Bitcoin and Ethereum ETF in Hong Kong have strengthened investor confidence. Given that many remain hopeful about Bitcoin’s future growth trend, despite recent challenges.
In the interim, the Bitcoin price dipped 1.02% within the previous 24 hours and was priced at $62,350.71 upon writing. This came after reaching a peak of $64,486.36 during that period. Although Bitcoin’s price had surged since the U.S. approval of the Spot Bitcoin ETF, it experienced a decline of approximately 7% over the preceding 30 days.
Significantly, the total value of open contracts for Bitcoin Futures increased by 0.41% within the past day, reaching approximately $31.32 billion or $500,780 in Bitcoin equivalent, according to CoinGlass. Among all exchanges, Bybit experienced a notable jump of 1.04% in open interest during this period, amounting to around 69,160 Bitcoins or about $4.32 billion.
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2024-04-17 16:40