Bitcoin Price Could Surge to $150,000 by Year-End, Predict Experts
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Bernstein Analysts Anticipate Bitcoin Surge Despite Current Market Conditions
According to a team of renowned analysts from Bernstein, spearheaded by Guatam Chhugani, Bitcoin holds the potential to ascend to an impressive $150,000 by the close of the year. This prediction comes despite Bitcoin’s recent decline to approximately $60,000. The analysts argue that this situation represents one of the most tepid bear markets in Bitcoin’s history, emphasizing that the market’s challenges stem from a “self-imposed crisis of confidence” rather than systemic failures.
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The analysts further clarify that the market has not experienced any catastrophic events that usually stimulate bear markets in Bitcoin. In contrast, they assert that the fundamental aspects of Bitcoin remain robust, supported by a regulatory-friendly environment and increased institutional participation through Bitcoin ETFs and companies like Strategy.
Addressing Quantum Computing Threats to Bitcoin
Bernstein analysts also addressed the potential threats posed by quantum computing to Bitcoin, recognizing that these threats extend beyond cryptocurrency to affect critical systems, including the banking industry. They suggest that when the need arises, systems will adopt quantum-resistant standards. Michael Saylor’s Strategy has proactively announced plans for a Bitcoin security initiative to prepare for quantum computing threats. Saylor believes that these threats are still a decade away, advising investors to remain calm.
Concerns regarding large corporate Bitcoin holders, such as Strategy, potentially liquidating their assets amid current market conditions were also addressed. Bernstein analysts highlighted that these corporations have strategically structured their balance sheets to endure such fluctuations. Strategy CEO Phong Le indicated that liquidation would only be necessary if Bitcoin’s value fell to $8,000 and remained there for five years.
Bitcoin’s Prospects as Liquidity Conditions Improve
Bernstein analysts foresee a resurgence in Bitcoin’s value as liquidity conditions improve, highlighting that both ETFs and corporations are well-positioned to acquire more Bitcoin under favorable conditions. They noted that Bitcoin continues to trade as a liquidity-sensitive asset, contrasting with ‘digital gold’, which explains its subpar performance compared to gold in the current market environment.
Interestingly, Bernstein analysts are not alone in forecasting Bitcoin’s potential to reach new all-time highs this year. TD Cowen analyst Lance Vitanza also recently projected that Bitcoin is likely to achieve a new ATH, targeting the third quarter of this year.
As of the current writing, Bitcoin is trading at approximately $69,700, reflecting a nearly 2% decrease over the past 24 hours, based on data from CoinMarketCap.
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