Bernstein analysts Bitcoin There are very optimistic predictions for (BTC). Gautam Chhugani and Mahika Sapra predict that BTC could climb to the $70,000 range by the end of the year.
According to StreetInsider’s report, analysts note that the impact of approved spot BTC exchange-traded funds (ETFs) will play a key role in determining the price of the crypto asset. This effect is at the top of the market value crypto- will direct your existence.
According to their analysis, in a commodity with a given supply curve, increased purchasing demand always increases the price. They emphasize that what matters is net increased demand, given that ETFs account for 3.5% of the total supply and more than 12% of BTC is still on exchanges.
Bernstein analysts also believe that US Bitcoin mining firms may continue to grow this year despite the planned halving event in April. This means they expect some of the high-cost miners to cease production, while low-cost and competitive miners gain an advantage.
Chhugani and Sapra predict that the development of Bitcoin’s layer-2 protocols will increase the overall efficiency of the network.
However, as the Bitcoin developer ecosystem grows, we expect layer-2 solutions to continue to increase transaction revenues for miners and economic activity from token mints and NFTs.
NEWS CONTINUES BELOW
They also state that the macroeconomic environment may be positive for the leading digital asset this year.
If early voting trends point to a regime shift after the election and potential shifts in current leadership at the SEC, Bitcoin and the overall crypto market could trend higher on these clues and rates could further fuel the rally.
Currently, Bitcoin is trading at $44,139 at the time of writing.
