Bitcoin could rise to $ 150,000 in 2025

The price of the flagship cryptocurrency BTC $97,815.38 Bitcoin 0.91% Market capitalization $1.94 trillion VOL. 24 hours $5.32 billion may rise to $ 150,000 as early as January 2025. The reason is the approval of spot bitcoin ETFs in the United States. This was announced in a recent report by Bernstein analysts, CNBC reports.

The bullish estimate of bitcoin quotes is almost five times higher than the current rates at which the asset has consolidated after testing the $ 35,000 mark. Bernstein’s forecast is also more than double the historical high of $ 69,000 reached by the virtual coin in November 2021.

Bernstein senior analyst Gautam Chhugani believes that the SEC will approve the first bitcoin ETFs in early 2024. The product will allow ordinary investors to access cryptocurrency directly from their investment portfolios.

According to the expert, as a result, bitcoin funds will accumulate up to 10% of the total supply of digital gold. So far, the only such instrument on the market is Grayscale’s Bitcoin Trust (GBTC), which accounts for about 3% of the issue.

«You may not like bitcoin as much as we do, but looking at it dispassionately as a commodity implies a cycle reversal. Agood idea is only as good as its timing — SEC approval of ETFs from leading global asset managers (BlackRock, Fidelity, etc.) seems inevitable,» Chhugani wrote.

The expert made his prediction in a report analyzing the activities of several mining companies in light of the impending bitcoin halving. According to Chhugani, the BTC halving will «wash out» weak players from the industry. However, it will open «the way for the survivors to make more profits.»

As a reminder, Matrixport analysts predict that bitcoin will grow to $ 125,000 next year. According to experts, this will be preceded by four bullish stages of the market flagship, and the fifth will come in the near future. In addition, cryptocurrency experts claimed that the crypto industry could receive from $ 24 billion to $ 50 billion if BlackRock’s spot bitcoin ETF is approved.