Analysts from Bernstein have shared some of the reasons why they think BTC will reach $150,000.
Following the spot Bitcoin Exchange-Traded Funds (ETF) approvals about two months ago by the United Stares Securities and Exchange Commission (SEC), private wealth management firm Bernstein has expressed positivity in bitcoin (BTC) price, predicting that the digital asset would trade at $150,000.
According to a report from CNBC late last year, Bernstein predicted that the bitcoin price would go up to around $150,000 if bitcoin ETFs were approved. Although the company earlier in 2018 ruled off bitcoin as an investment asset, the private wealth manager has expressed confidence in bitcoin regaining and increasing in value beating its all-time high.
After BTC reached a new all-time high of $72,400 on Monday, Bernstein expressed stronger conviction in its BTC prediction to jump to more than double its current market price.
What Will Push BTC to $150k?
Bernstein analysts, Gautam Chhugani and Mahika Sapra, emphasized the impact of the spot bitcoin ETF approval.
“We estimated $10 billion inflows for 2024 and another $60 billion for 2025. In the last 40 trading days since ETF launch on Jan 10, Bitcoin ETF inflows have crossed $9.5 billion already,” they said.
Considering the inflow of money into spot bitcoin ETFs, confidence levels in BTC price increase keep rising.
Bernstein also noted that the upcoming bitcoin halving event set to happen next month will strongly contribute to BTC achieving the $150,000 target.
Chhugani and Sapra further highlighted in a Monday note that these are just the early stages of what is expected of the leading digital asset.
Additionally, the analysts expressed belief in Bitcoin mining as another profitable means of investing in BTC.
“We believe bitcoin miners are still largely retail-traded stocks and institutions have largely stayed away from bitcoin proxies, as traditional investors remain skeptical and still approach crypto with a rear-view bias,” the duo said.
Further, the wealth manager stated that private banks and some other financial institutions have not gotten complete exposure to spot bitcoin ETFs. So, once they do, there’ll be more bitcoin investors and a jump in price, the firm said.
Bitcoin Hits New ATH
Meanwhile, following the US Consumer Price Index (CPI) announcement this afternoon, BTC reached a new all-time high of $73,000 and continues bullish as many investors realize its potential and continue to acquire more bitcoins.
