Benzinga - Bitcoin (CRYPTO: BTC) prices could surge to $150,000 by 2025, global asset management firm Bernstein forecasted amid positivity surrounding the spot Bitcoin ETF approval, as cited by CNBC.
Bernstein analyst Gautam Chhugani believed the approval was likely to come by the first quarter of 2024.
These estimates come on the heels of Benzinga’s Future Of Digital Assets Event in New York scheduled on Nov.14. Attend and learn more about the Bitcoin price rally and the optimistic sentiment surrounding the industry. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
Price Action: Bitcoin prices at the time of writing are trading sideways after peaking at $34,971 at noon ET on Wednesday.
The ETF approval should lead to a shift of up to 10% of Bitcoin’s circulating supply toward ETFs as conventional investors will get Bitcoin exposure directly from investment portfolios.
Also Read: Bitcoin's Supply Crunch: 'Shock' Looms As Exchange Balances Hit Record Lows — Is This The Next Bull Run?
“You may not like Bitcoin as much as we do, but a dispassionate view of Bitcoin as a commodity, suggests a turn of the cycle,” Chhugani added.
The estimate for Bitcoin prices comes in a note where the analyst has initiated coverage on several Bitcoin mining firms, saying that the Bitcoin halving event in April 2024 will lead the losing miners to move out of the industry thereby leading the survivors to gain big.
It is optimistic about Riot Platforms and CleanSpark citing Bitcoin mining as a high-beta strategy for gaining exposure to the market.
Last week, Bitcoin prices cams close to breaching $35,000 amid optimism of a spot ETF approval, included in the eligibility list of DTCC listing. The current prediction is around five times the current price levels and more than double its all-time high of $68,789.63 in November 2021.
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join Benzinga on Nov. 13 for Fintech Deal Day and Nov. 14 for Future of Digital Assets. Secure a spot here to join them and learn more about Bitcoin and its performance.
Read Next: Here's Why Bitcoin's Bullish Momentum Is Far From Over: The Factors Driving King Crypto's Surge
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