Bitcoin’s price could rise to $150,000 by January 2025 as a result of the United States approving the spot Bitcoin-ETF. CNBC reports, citing Bernstein’s report.
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The bullish valuation of digital gold is almost five times higher than the current levels around $34,000, where the asset has held after test of the $35,000 mark. The forecast also more than doubles the historic high of $69,000 reached by the cryptocurrency in November 2021.
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Senior Bernstein analyst Gautam Chhugani believes the SEC will approve the first Bitcoin ETFs in early 2024. This product will allow ordinary investors to access the cryptocurrency directly from their investment portfolios.
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According to the expert, as a result Bitcoin funds accumulate up to 10% of the total supply of digital gold. Currently the only such instrument on the market is Bitcoin Trust (GBTC) from Grayscale, which accounts for about 3% of the issuance.
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\”You may not like Bitcoin as much as we do, but a dispassionate view of it as a commodity suggests a cycle turning. A good idea is as good as the timing is right — approval of the SEC-approved ETF by leading global asset managers (BlackRock, Fidelity and others) seems inevitable,\” wrote Chhugani.
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The expert made his forecast in a report that analyzed the operations of several mining companies in light of the approaching halving of Bitcoin. According to Chhugani, the halving, due in April, will \”wash out\” weak players from the industry. However, it will open \”a path to bigger profits\” for the survivors, he emphasised.
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Earlier, Chhugani’s assessment roughly matched Matrixport analysts’ forecast, who predicted Bitcoin rising to $125,000 by the end of 2024.