Bernstein: Bitcoin's rally is far from over, still believes it will reach $150,000 by the end of 2025

Although Bitcoin’s price has retreated slightly in recent weeks, analysts at Bernstein believe that BTC’s rally is “far from over.” They reiterated their previous forecast that Bitcoin will reach $150,000 by the end of 2025 in this cycle. “We feel better about this forecast, and Bitcoin’s indicators suggest that this is a healthy cycle that is still in its early stages,” Gautam Chhugani and Mahika Sapra wrote in a report. The analysts noted that Bitcoin’s recent correction to regional lows around $57,000 effectively “cleaned up excessive leverage in futures contracts on cryptocurrency exchanges.” They also pointed out that U.S. Bitcoin spot ETFs reversed their trend and returned to net inflows after experiencing eight consecutive days of outflows. Even Grayscale GBTC recorded a net inflow of $63 million last Friday after 78 consecutive days of outflows. “This is important considering that GBTC has been the source of a large and sustained sell-off, and the new 9 ETFs have had to absorb this selling pressure,” the analysts explained. (The Block)