Analysts at Bernstein have raised the target price for the leading cryptocurrency to $200,000 by the end of 2025, up from $150,000. This was reported by The Block.
The forecast is driven by expectations of “unprecedented demand from bitcoin-based spot exchange-traded funds” managed by BlackRock, Fidelity, Franklin Templeton, and others.
“We believe that ETFs have become a turning point for cryptocurrencies, creating structural demand from traditional capital pools. Collectively, ETFs have attracted about $15 billion in new net inflows,” the analytical note states.
Experts believe bitcoin is in a new bull cycle. They described the halving as a unique situation where the natural selling pressure from miners is halved or more, and new demand catalysts for the cryptocurrency emerge, “leading to exponential price movements.”
Analysts pointed to previous cycles: in 2017, digital gold rose to a peak approximately five times the marginal cost of production, then fell to a low of 0.8 of that figure in 2018.
“During the 2024-2027 cycle, we expect bitcoin to rise to 1.5 times the metric, implying a cyclical peak of $200,000 (a 2.8-fold increase from today’s BTC price) by mid-2025,” the specialists wrote.
According to Bernstein’s baseline estimates, by the end of 2029, the price of the leading cryptocurrency will reach $500,000, and by 2033 — $1 million.
At the time of writing, digital gold is trading near $67,000. Over the past 24 hours, the asset has lost 1.4%, according to CoinGecko.
Back in June, the author of the bestseller “Rich Dad Poor Dad” and entrepreneur Robert Kiyosaki predicted the first cryptocurrency would reach $300,000 by August 25.
Earlier, Standard Chartered forecasted bitcoin’s rise to $100,000 ahead of the US elections. Meanwhile, the coin could reach a new all-time high in the near future.