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Global investment firm AllianceBernstein said it is “convinced” that Bitcoin is on a path to massive price growth over the next few years. He even bet that the world’s leading cryptocurrency would reach $1 million per token within the next 10 years.
In a research note published this week, Bernstein analysts doubled down on their belief that Bitcoin will reach $500,000 by 2029 and $1 million by the end of 2033. They also argued that BTC is currently only in the early stages of its impending bull cycle. , which will push the token to $200,000 by mid-2025.
Why this optimism? For starters, Bernstein predicts that spot Bitcoin ETFs are facing a further wave of adoption by traditional financial giants. Analysts believe such acceptance will come within a few months.
“We see Bitcoin ETFs on track for approval by major financial institutions/large private banking platforms in the third quarter,” Bernstein analysts Gautam Chhugani and Mahika Sapra wrote. “Institutional-based trading appears to be a ‘Trojan horse’ for adoption, and these investors are in the process of evaluating their ‘net long’ positions as they become accustomed to improved ETF liquidity.”
Additionally, analysts have determined that past Bitcoin price cycles indicate that the token is on the verge of a major price rally. This has yet to materialize following Bitcoin’s most recent price rise. half life event In April.
Analysts compare Bitcoin’s current position to the summer of 2020, when the coin hovered below $10,000. A few months later, BTC surpassed $60,000.
“We believe that the new cycle that begins with the halving is not a coincidence but is driven by inherent demand, supply dynamics, and that we are on the threshold of a new cycle,” the analysts wrote.
Last week Bernstein published the following paper: Similar reports We detail Bitcoin’s potential to soar to unprecedented highs in the coming months and years.
In the meantime, BTC has experienced significant volatility, falling below $65,000 and falling again, causing repeated moves that have resulted in hundreds of millions of dollars worth of losses. clearing.
BTC is sitting for $64,815 When writing. It fell nearly 4% last week.
Editor: Andrew Hayward
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