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Bitcoin‘s value continues to be the subject of analysis and predictions. Analysts at Bernstein expect the cryptocurrency to maintain its upward trend following the upcoming halving event, with a target of $150,000 coming back into discussion. After reaching $64,000 today, Bitcoin‘s price has slightly retreated. At the time of writing, the BTC price was at $69,967.
Famous Company Reiterates Bitcoin Price Forecast
The countdown has begun for the halving event, where miners’ block rewards will be halved. Analysts at Bernstein predict that Bitcoin will continue its upward trend after the halving and believe that a target of $150,000 will be achieved by 2025.
According to analysts, key factors for Bitcoin’s continued rise include adjustments in mining hash rates and increased ETF entries. Particularly, the integration of spot Bitcoin ETFs with brokers is expected to increase structural demand for Bitcoin. Therefore, the conditions necessary for Bitcoin to reach the $150,000 target are anticipated to mature.
Bloomberg ETF analyst Eric Balchunas says that spot Bitcoin ETFs will start attracting more investors in the coming months, positively impacting Bitcoin’s value.
Past Halving Events Reflected on BTC Price
A review of past halving events shows significant fluctuations in the cryptocurrency Bitcoin’s value. However, according to analysts, while the halving event does not directly cause a price increase, it creates an environment that boosts Bitcoin’s value through new demand and other factors.
Corporate Bitcoin purchases by companies like Tesla, Square, and MicroStrategy are among the factors supporting price increases seen in past halving cycles.
This Time We Are at a Stage with Different Factors
Recent approvals of spot Bitcoin ETFs and global asset managers’ interest in Bitcoin are among the factors positively affecting Bitcoin’s price. However, the recent slowdown in ETF entries has caused short-term corrections in the price of Bitcoin, the flagship of cryptocurrencies.
According to the latest data, interest in spot Bitcoin ETFs has slowed since March 12, when Bitcoin was approaching historic highs. Nevertheless, experts believe that the increase in Bitcoin’s value will continue and progress towards the $150,000 target.
