Bernstein: It is expected that Bitcoin will reach a historical high after halving in 2024, and it may reach about $80,000 by the end of the year

Analysts from the global investment firm Bernstein predict that Bitcoin is expected to break its historical record in 2024 and could potentially soar to $150,000 by 2025. In a report, analysts wrote: "We are entering a new era of cryptocurrency marked by unprecedented mainstream institutional acceptance, which will drive capital flow from traditional markets into the cryptocurrency market. This is an unprecedented moment." They also pointed out: "We are in a favorable macro environment where interest rates have peaked, inflation is falling, and global election years may bring about monetary stimulus policies. We hold very optimistic attitudes towards Bitcoin and Bitcoin mining stocks."

 

The analysts expect that top global asset management companies will launch Bitcoin ETFs this week or next week. Despite the risk of 'buying on rumors and selling on facts', they believe there are still multiple bullish factors for Bitcoin throughout the year such as halving mining rewards, transaction fee turning points, ETF marketing. The analyst added: "Don't sell just because you wait until the news is confirmed; instead buy when prices fall. Selling facts might mean you exit after correcting 15-20%, but doing so might miss future upward returns." They predict that bitcoin will reach a historic high in the second half of 2024 after halving and could possibly reach around $80k (based on our marginal cost estimate) before year-end. Their prediction for 2025 remains at $150k which would be cycle's peak point.

 

At the same time, analysts believe that cryptocurrency concept stocks will gain attention from mainstream institutions in 2024 due to ongoing squeeze on light holdings along with stock investors feeling under-invested in crypto concept stocks . Additionally , they also anticipate Ethereum (ETH) becoming only asset apart from bitcoin to achieve spot ETF status.