Analysts at investment research firm Bernstein have reaffirmed their prediction that bitcoin would hit $150,000 in this bull cycle despite the asset’s retracement in recent weeks., Bernstein analysts Gautam Chhugani and Mahika Sapra said Bitcoin metrics show the network is in a healthy cycle still in its early stages. Notwithstanding the latest dip, the leading cryptocurrency is far from done.
Chhugani and Sapra opined that bitcoin’s recent slump wiped out the excess leverage on futures contracts on crypto exchanges. Their belief aligns with that of Standard Chartered analyst Geoff Kendrick, whotwo weeks ago that the liquidation of leveraged positions created a more favorable environment and cleared a pathway for the crypto market to trend higher.
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