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Cryptocurrency market continues to face uncertainties and fluctuations, where leading global research firm Bernstein offers an optimistic view on Bitcoin prices. Their latest analysis provides a glimmer of hope to Bitcoin investors, suggesting a potential rise to $150,000 following the Halving event.
Factors Influencing Bitcoin Prices
The post-Halving rise in Bitcoin has historically been supported by factors such as mining regulations and ETF entries, aligning well with historical trends. The cryptocurrency’s price has been a hot topic in the market, especially following the recent market crash which also dragged down other major cryptocurrencies. Despite the recent market turmoil, Bernstein’s analysts remain firm in their bullish outlook for Bitcoin.
They anticipate a resurgence post-Halving, influenced by stable mining hash rates and renewed ETF entries. Notably, Bernstein analysts Gautam Chhugani and Mahika Sapra predict continued demand for Bitcoin, emphasizing the importance of integrating Spot Bitcoin ETFs with custodians and RIAs. Furthermore, Bernstein’s forecast reflects their previous prediction that Bitcoin could reach $150,000 by mid-2025.
ETF Approvals and BTC Price Movements
The approval of the U.S. Spot Bitcoin ETF earlier this year triggered a significant price increase for Bitcoin and highlighted the potential impact of regulatory developments on cryptocurrency markets. While optimism about the Halving event continues, recent market volatility has heightened concerns about Bitcoin’s near-term trajectory. However, some attribute the recent downturn to a natural pullback phase before the Halving, suggesting a potential for long-term recovery.
Additionally, the success of U.S. Spot Bitcoin ETFs and the recent approval of Bitcoin and Ethereum ETFs in Hong Kong have further strengthened market sentiment. Despite recent setbacks, many remain optimistic about Bitcoin’s long-term direction. In the last 24 hours, Bitcoin’s price has fallen by 1.02%, reaching a high of $64,486.36 before trading at $62,350.71 at the time of writing. Despite the rise in BTC prices following the U.S. Spot Bitcoin ETF approval, the flagship cryptocurrency has lost about 7% in value over the last 30 days. According to CoinGlass data, Bitcoin futures open positions have increased by 0.41% in the last 24 hours, reaching $31.32 billion or 500.78 thousand dollars.
