A major investment research and management firm’s long-term confidence in crypto assets, Bitcoin It is perceived as a confirmation of the bull market for (BTC).
As we reported as Koinfinans.com, it began to appear in the press that Bernstein believed that the Bitcoin price would advance to the $150,000 price level. Meanwhile, BTC price had recently managed to surpass the $72,000 level.
In Bernstein’s last note, his proposal to buy shares of Bitcoin miners attracted attention. It is emphasized that the recent poor performance offers an opportunity before the upcoming halving. Bernstein analyst confirms his confidence in BTC’s $150,000 target price, but currently BTC is trading above $72,000. The company expects a breakout after the halving.
The institutional flow towards the Bitcoin Exchange Traded Fund (ETF) is highlighted as one of the main factors behind the predictions. Reportedly, inflows of $10 billion are projected for 2024 and $60 billion for 2025. However, Bitcoin ETF its inflows have already crossed a $9.5 billion milestone.
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Analyst Chhugani notes that BTC is still in the early stages of integration into traditional asset portfolios. This directly points to huge adoption potential. The original crypto is breaking records, reaching all-time highs. BlackRock Inc. and Fidelity Investments are among the pioneers in this field.
A major approval for Bitcoin came as the London Stock Exchange accepted applications for BTC and ETH exchange-traded securities. Thailand also added to this bullish sentiment by approving offshore crypto ETFs for retail buyers.
Among all these important developments for Bitcoin, the upcoming halving event still remains important in the industry. The blockchain will undergo a halving event next month, meaning the supply of new tokens will be halved.
In recent days, Bitcoin has reached an all-time high of almost $72,881. Bitcoin price has increased by over 50% in the last month, and its 24-hour trading volume is recorded at approximately $51.5 billion. The global digital asset market has increased marginally in the last 24 hours and the cumulative market cap is now over $2.7 trillion.
