Editor’s note: This story has been updated with the correct reference to Bernstein.
In a recent prediction, analysts at Bernstein Research have projected that Bitcoin could hit the $200,000 mark by 2025. This forecast is driven by the unprecedented demand for Bitcoin following the launch of Bitcoin ETFs. Many bitcoin experts such as Anthony Pompliano, the founder and partner at Pomp Investments, had also previously voiced their belief that bitcoin can go as high as $100,000 within the next year.
Don’t Miss:
As reported by The Street on Tuesday, the analysts at AllianceBernstein have revised their previous prediction of Bitcoin reaching $150,000 by the end of 2025. The new forecast is based on Bitcoin’s historic four-year trajectory and the recent surge in demand following the launch of Bitcoin exchange-traded funds (ETFs).
The analysts also projected that the world’s leading cryptocurrency could climb to $500,000 by 2029 and even hit a million by 2033. The firm’s confidence is partly due to the sustained interest in Bitcoin ETFs, which have attracted $17 billion since their launch in January.
AllianceBernstein views the ongoing inflows to Bitcoin ETFs as setting the stage for a breakout phase, leading to a significant rise in Bitcoin’s price. However, they also caution that this could be followed by a “hype” phase, where investors may set unrealistic price targets.
While Bitcoin did reach a high of $73,000 this past March, it remains to be seen if these bold predictions will materialize.
The revised forecast by AllianceBernstein is significant as it reflects the growing confidence in Bitcoin’s potential, driven by the successful launch and sustained interest in Bitcoin ETFs. The firm’s prediction also underscores the impact of Bitcoin’s historic performance and the current market trends on future price predictions.
However, the cautionary note about a potential “hype” phase serves as a reminder of the volatility and risks associated with investing in cryptocurrencies. As such, while the predictions are optimistic, investors should approach them with caution and make informed decisions.
Read Next:
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Despite Recent Dip, Bitcoin Will Reach $200,000 Next Year, New Report Says (UPDATED) originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Credit: Source link
