Bitcoin Set to Surge to Record Highs Propelled by ETF Momentum, Bernstein Analysts Predict
According to a recent report from StreetInsider, analysts Gautam Chhugani and Mahika Sapra at Wall Street brokerage giant Bernstein anticipate Bitcoin (BTC) to surge to around $70,000 by year-end.
The analysts attribute this surge to the anticipated impact of recently approved spot BTC exchange-traded funds (ETFs), which they believe will significantly boost demand for the cryptocurrency. They highlight the finite supply curve of Bitcoin and the potential material effect of increased buying demand facilitated by ETFs. Additionally, they predict that despite the upcoming halving event in April, US Bitcoin mining firms could expand operations, with low-cost miners likely to gain relative market share.
The analysts also foresee the development of Bitcoin layer-2 protocols enhancing network efficiency and transaction revenues. Moreover, they suggest that favorable macroeconomic conditions, including potential changes in SEC leadership and election trends, could further propel Bitcoin and the broader crypto market.
Clever Robot News Desk 9th February 2024