Connect with us

Hi, what are you looking for?

Economy

Bernstein Analysts Predict Bitcoin Price Will Reach $70,000 This Year, Say There Are “No Headwinds”

Analysts at investment firm Bernstein expect Bitcoin (BTC) to resume its upward trajectory, surpassing its previous all-time high of $69,000 and potentially reaching $70,000 this year.

The analysts expressed confidence in the cryptocurrency’s risk-reward profile, stating that no significant challenges are anticipated to impede its ascent.

In a note to investors, analysts Gautam Chhugani and Mahika Sapra highlighted the recent launch of 10 Bitcoin spot exchange-traded funds (ETFs) in the United States, which briefly pushed Bitcoin to $49,000.

Currently trading around $42,600, the analysts noted that the $42,000 to $43,000 range represents a “no-regrets price with asymmetric upside.”

They predicted a further 65% increase in Bitcoin’s value, projecting a price of approximately $70,000 before the year’s end.

Bernstein predicts Bitcoin to skyrocket to $70k by 2024. Positive macroeconomic conditions, ETF net inflows, and on-chain growth are key drivers. BTC’s current range hints 65% gains. #Bitcoin #ETF #Bernstein

— Sharpe Signals (@SharpeSignals) February 5, 2024

Four Reasons Why Bitcoin Would Reach $70,000 This Year: Bernstein


The analysts provided four key reasons to support their bullish outlook.

First, they noted the significant net inflows into ETFs, estimating that around 19,000 Bitcoin were added last week alone.

According to Bernstein, the growing demand for ETFs will contribute to the overall price action of Bitcoin due to its finite supply curve.

“The ETF juggernaut will continue to become material to price action,” the analysts said.

“In a commodity with a known finite supply curve, any incremental buying demand at this scale will become material to price.”

The second reason for optimism is the enthusiastic response from advisor networks regarding the potential allocation of Bitcoin in client portfolios.

ETF issuers have reportedly received unprecedented and accelerated feedback, suggesting that ETFs have unlocked a sustainable source of long-term Bitcoin demand.

CoinShares, in a recent report, indicated that institutional crypto investment products witnessed a net inflow of $708 million last week, with Bitcoin accounting for 99% of these flows.

Favorable Macroeconomic Conditions to Push Bitcoin Price Higher


Bernstein also highlighted favorable macroeconomic conditions as a contributing factor.

The Federal Reserve’s indication of potential interest rate cuts, currently ranging between 5% and 5.25%, makes savings less attractive and encourages investors to seek higher returns elsewhere.

Risk assets, including Bitcoin, tend to perform well in environments with lower interest rates.

Additionally, Bernstein suggested that the outcome of the US presidential election could impact the crypto market.

A Republican victory would imply a change of leadership at the Securities and Exchange Commission (SEC), potentially leading to a different regulatory approach.

The current SEC chairman, Gary Gensler, has faced criticism from the crypto industry and lawmakers for his strict enforcement-oriented stance on crypto regulation.

Bernstein analysts are not alone in their bullish view of Bitcoin.

As reported, Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, has suggested that the price of Bitcoin could potentially reach $170,000 in the coming year.

Scaramucci’s prediction is based on two key factors, including the growing demand for newly listed exchange-traded funds (ETFs) and the upcoming halving event scheduled for April.

He explained that if Bitcoin were to maintain its current price of around $45,000 at the time of the halving, it could see a remarkable surge to $170,000 by mid- to late 2025.

The post Bernstein Analysts Predict Bitcoin Price Will Reach $70,000 This Year, Say There Are “No Headwinds” appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

United States Senator Elizabeth Warren has emphasized the need for a legal “level playing field” in the cryptocurrency industry and has called for restrictions...

Economy

On Wednesday, Bitcoin price is showing signs of a significant uptrend, currently trading around the $57,200 mark with a notable increase of over 1.25%....

Economy

Kraken has unveiled a new division dedicated to providing services to institutional clients as it seeks to gain a foothold in the Bitcoin exchange-traded...

Economy

The Internal Revenue Service (IRS) said on Tuesday that it hired two crypto industry executives to aid in digital asset reporting, compliance, and enforcement...

Economy

RSRV, a hotel ownership marketplace co-founded by Aspen-based entrepreneur Stephane De Baets, is partnering with the Tezos blockchain to tokenize a part of the...

Economy

Polygon-backed Humanity Protocol has secured strategic investments from over 20 crypto venture capital firms for its privacy-centric Web3 identity solution. Hashed, CMCC, Cypher Capital,...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.