Benzinga - As Bitcoin (CRYPTO: BTC) continues its upward trajectory, Bernstein analysts have doubled down on their prediction that the cryptocurrency will reach a staggering $150,000 by 2025, following a recent price surge that saw it hit new highs.
What Happened: Bernstein analysts strengthened their conviction in Bitcoin, reaching $150,000 by mid-2025, following a significant price surge, CoinDesk reported on Monday.
After Bitcoin achieved a new all-time high this year, analysts anticipate a further ‘break out’ post the next halving event. Despite a downturn in share prices, they continue to endorse a bullish stance on certain miners.
Bernstein has reiterated its ambitious price target for Bitcoin, pointing to robust exchange-traded fund (ETF) inflows. They advise investors to purchase bitcoin mining stocks to leverage the expected rally.
Analysts Gautam Chhugani and Mahika Sapra noted that bitcoin miners are predominantly retail-traded and have not yet attracted significant institutional interest.
"With bitcoin climbing new highs of $71K, we expect institutional interest in bitcoin equities to finally tip over, and bitcoin miners to be the largest beneficiaries," they noted, adding that long-term bitcoin mining needs “more patience.”
See Also: Americans Lost Staggering $3.94B To Bitcoin, Dogecoin, Shiba Inu, And Other Crypto Investment Scams In 2023, FBI Report Reveals
The analysts expect that the rising Bitcoin price and transaction fees will buffer miners against potential cost increases post-halving.
Despite Bitcoin’s rally, mining stocks have lagged due to a prevalent investor strategy of being “long bitcoin and short miners,” favoring spot ETFs over mining stocks, which carry halving-related risks.
At the time of writing this article, Bitcoin was trading at 0.15% lower at $71,968.03, according to data from Benzinga Pro.
Why It Matters: The bullish stance on Bitcoin’s future by Bernstein analysts aligns with the sentiments of other market experts. Earlier in March, Fundstrat’s Tom Lee predicted that Bitcoin could reach $150,000 by the end of the year, suggesting a rapid return to its long-term trend line.
Moreover, the cryptocurrency’s recent peak of over $72,000 has led to the emergence of approximately 1,500 new ”millionaire wallets” daily, as reported by Kaiko Research. This wealth creation surge indicates the growing mainstream acceptance and investment in Bitcoin.
Adding to the positive outlook, MicroStrategy’s Michael Saylor recently expressed that there are no apparent catalysts that could drive Bitcoin prices down, emphasizing the asset’s strengthening position in the market following the approval of spot Bitcoin ETFs.
Read Next: Bitcoin Vs. Ethereum Vs. Shiba Inu Vs. Doge: How Much You Would Have Now If You Had $1,000 Invested In Each Of The Crypto At Start Of Current Bull Run
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