Bernstein: Bitcoin could hit $150,000 next year

 Author: Liu Rui; Source: Metaverse NEWS

On Wednesday afternoon, Beijing time, Bitcoin broke through the US$73,000 mark, setting another new high. .

As the "halving" time approaches, Bitcoin's recent surge has also caused some people to worry about whether it is approaching its peak. However, analysts from Bernstein, a well-known American investment management and research company, confidently stated that Bitcoin’s rise has just begun and is expected to rise to $150,000 by the middle of next year!

1 Bitcoin price will "explode" after April

On Monday Eastern Time, Bernstein analysts Gautam Chhugani and others issued a report, firmly bullish on the prospects of Bitcoin, claiming that under the current strong upward momentum , Bitcoin price will explode after the "halving" in April.

In fact, as early as November last year, Bernstein first proposed a Bitcoin target price of $150,000. In this Monday's report, they claimed that they are now more confident in this target price:

"We built an institutional flow model of Bitcoin in our estimates to derive the price of Bitcoin. We estimate that the Bitcoin market will see an inflow of $10 billion in 2024 and a further $60 billion in 2025."

After the Bitcoin ETF received regulatory approval in January this year, its inflows have exceeded $9.5 billion, further strengthening Bernstein’s interest in Bitcoin. The coin has steadily risen to $150,000 in confidence. In the past 30 days alone, the Bitcoin ETF has seen an average of $370 million in daily inflows.

"At this rate, in just 166 trading days for the remainder of 2024, the Bitcoin ETF The inflows will be higher than what we expect in 2025," the analysts added.

2 Bitcoin Miner Stocks Will Offer Better Beta

In addition to Bitcoin itself, Bernstein analysts are also optimistic about the stock price prospects of Bitcoin miner stocks.

Judging from the stock price performance in recent years, the stock price trend of Bitcoin miner stocks usually cannot catch up with the price increase of Bitcoin itself. But Bernstein analysts claim that Bitcoin miners "provide higher beta than Bitcoin itself during bull market cycles as mining profits grow and the market doubles."

Chhugani has previously named Bitcoin miner stocks Riot Platform (RIOT.US) and CleanSpark (CLSK.US) as his top picks. But these two stocks fell 17.71% and 1.38% respectively in March.

Analysts believe that the recent price drop in Bitcoin miner stocks may be investors’ “last (buying) window before Bitcoin’s price halving ”, because mining company share prices will quickly catch up with the surge in Bitcoin prices, investors should view the current moment of weakness in Bitcoin miner stocks as a key investment opportunity:

"As Bitcoin climbs to new highs of $71,000, we expect institutional interest in Bitcoin-related stocks to eventually reverse course, with Bitcoin miners being the biggest beneficiaries . Trading Bitcoin miner stocks requires more patience."