Last week, the price of bitcoin reached its highest level since May 2022, as investors remain hopeful for a green light on a bitcoin exchange-traded fund.
The price of bitcoin could rise to $150,000 by 2025, Bernstein said Tuesday in a note citing optimism about a Bernstein analyst Gautam Chhugani said the firm expects the Securities and Exchange Commission to approve a bitcoin ETF by the first quarter of 2024. The bullish estimate is about five times the current price of around $34,000 and more than double bitcoin's all-time high more than $67,000 set in Nov. 2021.Bernstein also expects that ETF approval would shift up to 10% of bitcoin's circulating supply towards ETFs. The approval would allow conventional investors to get bitcoin exposure directly from their investment portfolios.
The prediction came in a note where Ghhugani initiated coverage on several bitcoin mining firms, saying that the bitcoin"halving" in Apr. 2024 -- in which bitcoin rewards will be halved as part of a planned and recurring event baked into the currency's underlying code -- will force"losing miners" to be"washed out," paving the way for big gains by the survivors.
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