Investment platforms will take some time to establish the necessary compliance framework to sell bitcoin ETF products, the report said.
Bitcoin Miners Have Raked in Abnormal Transaction Fees Since Halving: Bernstein
The spike in network fees was driven by speculative activity to mint new meme tokens following the launch of the Runes protocol, the report said.
Buy Bitcoin Miners Ahead of the Halving, Bernstein Says
Bitcoin’s bullish trajectory is expected to resume after the halving once mining hashrates have adjusted to the lower rewards and ETF inflows resume, the report said.
Bernstein Analysts Says Bitcoin Will Reach A New ATH By Year End, Here’s The Target
Analysts at financial services firm Bernstein are increasing their price expectations for Bitcoin. This follows a revised report in which they boosted their year-end target for the flagship crypto token’s price.
Bitcoin To Hit $90,000 By The End Of 2024
According to a report by CoinDesk, Bernstein analysts Gautam Chhugani and Mahika Sapra have raised their year-end prediction for Bitcoin’s price from $80,000 to $90,000. Their research report cited the strong Spot Bitcoin ETF inflow and a record mining income as the reasons for this increased bullishness on BTC’s price.
Since launching, the Spot Bitcoin ETFs have recorded an impressive amount of inflows into their funds and have significantly contributed to an increase in BTC’s price. As such, it is understandable why these analysts believe they could still positively impact Bitcoin’s price in the long run.
Despite miners’ rewards being cut in half during the Halving event in mid-April, these Bernstein analysts also foresee a record mining income for BTC miners. They believe this would have a positive impact on BTC’s price. Bitcoinist recently reported that Bitcoin Halving could force some miners out of business, paving the way for the remaining miners to enjoy increased revenue.
Meanwhile, Chhugani and Sapra also recently reaffirmed their prediction that Bitcoin will hit $150,000 by mid-2025. They believe that the Spot Bitcoin ETFs will be one of many factors contributing to this massive price surge.
BTC Could Even Hit $150,000 This Year
Standard Chartered is another financial institution that revised its year-end target for Bitcoin’s price. As against their initial prediction of $100,000, they recently stated that Bitcoin could rise to $150,000 by the end of this year. Like Bernstein, Standard Chartered also alluded to the influence of the Bitcoin ETFs as the primary reason for their bullishness on Bitcoin.
The bank noted in the research report that these investment funds provide a more robust and sustainable positioning for Bitcoin, unlike when the crypto token hit new highs solely based on speculations. Standard Chartered also predicts that BTC could rise to $200,000 by the end of 2025.
Interstingly, they added that an “overshoot to $250,000 is likely at some point in 2025 if ETF inflows continue apace and reserve managers buy BTC.” These predictions, however, look conservative when one considers Samson Mow’s prediction that BTC could hit $1 million this year.
At the time of writing, Bitcoin is trading at around $66,200, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Robinhood to Benefit From ‘Monster’ Crypto Cycle, Initiated Outperform by Bernstein
Total crypto market cap is expected to reach $7.5 trillion by 2025 from $2.6 trillion today, the report said.
Bernstein Is ‘Now More Convinced’ That Bitcoin Will Hit $150K After Massive Rally
Spot bitcoin ETF inflows have surpassed expectations, the broker said in the report.
Bernstein Expects DeFi to Make a Big Comeback
Six out of the top ten revenue-generating protocols are DeFi applications, the report said.
Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000
Global asset management firm, Bernstein has expressed confidence, foreseeing a fairly strong chance of the United States Securities and Exchange Commission (SEC) approving an Ethereum Spot ETF.
SEC Ethereum Spot ETF Approval Imminent
In a February 19 research report, Bernstein analysts Gautam Chhugani and Mahika Sapra disclosed that Ethereum, the world’s second-largest cryptocurrency, may be the only digital asset after Bitcoin, to win an ETF approval from the US SEC.
Following the approval of Spot Bitcoin ETF, many crypto enthusiasts anticipated Ethereum as the next in line for an ETF. However, given the SEC’s current stance on cryptocurrencies and its previous reluctant acceptance of Spot Bitcoin ETFs, the prospects of an Ethereum ETF have become uncertain.
In the research report, Bernstein analysts predicted the approval timeline for an Ethereum Spot ETF. They emphasized that the presence of notable traditional financial firms, including Grayscale and Franklin Templeton, competing for a Spot Ethereum ETF, strengthens the outlook for its approval.
“We think there is a roughly 50% chance of spot Ethereum ETF approval by May, with an almost certain chance of approval within the next 12 months,” the Bernstein report read.
Ethereum’s Roadmap To $10,000
With the potential approval of Ethereum Spot ETFs, Ethereum may witness a significant price increase to levels as high as $10,000. Prior to the SEC’s approval of Spot Bitcoin ETFs on January 10, the anticipation surrounding the ETF had sparked a massive price rally for the cryptocurrency. Following the approval and ETF launch, Bitcoin surged to over $45,000 before witnessing a subsequent price correction that pushed it back below $40,000.
Despite the short correction, Bitcoin has been gaining back its momentum, and at the time of writing, the cryptocurrency is trading at $51,998, according to CoinMarketCap. This substantial price increase is largely attributed to the success of its ETF, providing investors with greater accessibility to Bitcoin, and contributing to the cryptocurrency’s increased adoption.
A similar narrative could unfold for Ethereum following the approval of its ETF. With rising interest from institutional investors and the ETF driving global adoption, the cryptocurrency could potentially attain new all-time highs above $10,000.
In the research report, Bernstein analysts also confirmed Ethereum’s strong positioning for mainstream institutional adoption. The analysts emphasized the need for the cryptocurrency market to shift its attention to Ethereum, as the cryptocurrency is poised to witness gains following the approval and launch of its ETF.
Bernstein Says Buy the Dip in Bitcoin Mining Stocks Ahead of BTC Price ‘Inflection’
The broker says it prefers outperform rated mining stocks Riot Platforms (RIOT) and CleanSpark (CLSK).
Bitcoin Fundamentals Have Never Looked Better: Bernstein
The world’s largest cryptocurrency is expected to benefit from a number of positive catalysts in 2024, the report said.
Crypto Fund Management Opportunity Could Be Worth as Much as $50B, Bernstein Says
The crypto industry is expected to transition into a formal, regulated asset management industry with more than $500 billion of assets over the next five years, the report said.
Bitcoin Spot ETF Approval Could Help Power up a New Crypto Cycle: Bernstein
New capital will enter the market from fresh stablecoin supply, tokenization of traditional assets, native crypto infrastructure tokenization and ETFs, the report said.
Stablecoin Market to Grow to Almost $3T in Next 5 Years: Bernstein
Major global financial and consumer platforms are expected to issue co-branded stablecoins resulting in significant growth for these cryptocurrencies, the report said.
XRP Ruling a ‘Landmark’ Judgment, Weakens SEC’s Stance Against Crypto: Bernstein
The court’s decision weakens the SEC’s stance that the securities law is clear and no separate clarity is required for digital assets, the report said.
MicroStrategy Only Needs to Liquidate Bitcoin in Extreme Price Corrections: Bernstein
A more robust bitcoin price means the company has a stronger balance sheet, a higher share price and easier debt repayment without the need to sell down its cryptocurrency holdings, the report said.
Bitcoin Mining Is a Game of Survival, Consolidation and Potential AI Diversification: Bernstein
Mining stocks have been resurgent this year due to improving sentiment from institutional ETF filings and potential revenue diversification into high-performance computing and AI, the report said.
Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein
The lack of a spot ETF leads to the growth of over-the-counter products like the Grayscale Bitcoin Trust, which are more expensive, illiquid and inefficient, the report said.
The Biggest Crypto Bull Cycle Is Upon Us: Bernstein
Macro catalysts are lining up for bitcoin, Bernstein’s latest report said.
Ether Breaking Out Ahead of Ethereum’s Shanghai Upgrade: Bernstein
The rally in the price of ether is similar to the move seen before the blockchain’s last upgrade, the Merge, the report said.
Cryptocurrency Market Set for More Upside After Bank Problems: Bernstein
The current environment is the perfect setting for the decentralized financial system to stand out as an alternative to traditional banking, the report said.
