Alliance Bernstein’s analysts, Gautam Chhugani and Mahika Sapra, remain confident about bitcoin’s potential to reach $150,000 by 2025 despite recent price fluctuations. They stated:
We feel even better about that call and BTC metrics indicate a healthy cycle, still in its early stages.
The analysts regard the recent bitcoin dip to approximately $57,000 as a beneficial adjustment that has “cleaned up the excess leverage on futures contracts on crypto exchanges,” thereby enhancing market stability. They believe that BTC “is far from done,” noting that the “risk-reward here remains attractive.”
This BTC correction coincided with a shift in U.S. spot bitcoin exchange-traded funds (ETFs), which have recently seen a reversal from outflows to net inflows. The analysts pointed out that even Grayscale’s converted bitcoin ETF (GBTC) recorded its first net inflow on Friday of $63 million after a 78-day streak of outflows, emphasizing:
This is significant considering GBTC has been a source of significant and continued selling, which the new 9 ETFs have had to absorb.
The analysts also highlighted robust overall inflows into spot bitcoin ETFs over the last three months and new incentives for corporate treasuries to invest in bitcoin. They mentioned a consistent post-halving hash rate, robust transaction fees, and declining prices for bitcoin mining equipment as signs of a healthy bitcoin market.
Bernstein predicted in November last year that the price of bitcoin could reach $150,000 by 2025. Chhugani stated at the time that this prediction was driven by optimism about the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin ETFs. Last month, the firm’s analysts said they “expect bitcoin’s bullish trajectory to resume post-halving, when the mining hash rates have adjusted and ETF inflows resume back.”
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