The price of the first cryptocurrency could rise to $150,000 by January 2025 as a result of the approval of spot Bitcoin ETFs in the United States. Writes about this CNBC with reference to the Bernstein report.
The bullish estimate for digital gold is almost five times higher than current rates above $34,000, where the asset has consolidated after testing the $35,000 mark. The forecast is also more than double the all-time high of $69,000 reached by the cryptocurrency in November 2021.
Bernstein senior analyst Gautam Chhugani believes that SEC will approve the first Bitcoin ETFs in early 2024. This product will allow ordinary investors to gain access to cryptocurrency directly from their investment portfolios.
According to the expert, as a result, Bitcoin funds accumulate up to 10% of the total supply of digital gold. So far, the only such instrument on the market is Bitcoin Trust (GBTC) from Grayscale, which accounts for about 3% of the issue.
The expert made his forecast in a report in which he analyzed the activities of several mining companies in light of the approaching Bitcoin halving. According to Chhugani, the halving of the block reward, expected in April, will “wash out” weak players from the industry. However, this will open the way for “survivors to greater profits,” he emphasized.
Chhugani’s assessment roughly coincided with the forecast of Matrixport analysts, who predicted the growth of the first cryptocurrency to $125,000 by the end of 2024.
Source: Cryptocurrency
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