The prominent digital currency, Bitcoin, is currently trading at approximately $35,000 as of Thursday. Over the past two weeks, BTC has experienced a remarkable surge of nearly 25%, prompting optimistic sentiments among investors. Alliance Bernstein, a renowned global asset management company, foresees a substantial bullish trend in Bitcoin’s future. As per their forecast, BTC has the potential to increase by an additional 330% from its present value, potentially reaching a new record high of $150,000.
Bitcoin’s Price Target: $150,000 – The Timeline
Gautam Chhugani, the senior financial analyst at Bernstein, elucidated that the potential approval of a Spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) could pave the way for a substantial influx of investments in BTC. There is an anticipation that the SEC may grant approval for a Spot Bitcoin ETF in the first half of the upcoming year, 2024. According to the analysis firm Glassnode, the cryptocurrency markets, particularly BTC, could see an infusion of as much as $15 trillion upon the endorsement of this Spot-based ETF.
“A good idea is only as good as its timing. SEC approved ETFs by world’s top asset managers (BlackRock, Fidelity), seems imminent,” wrote Bernstein’s analyst Chhugani. He predicted that BTC could reach a new high of $150,000 in 2025 after the ETF is approved in mid-2024.
“You may not like Bitcoin as much as we do. But a dispassionate view of bitcoin as a commodity suggests a turn of the cycle,” he wrote. If Bernstein’s prediction turns out accurate, an investment of $10,000 in BTC made today could turn $43,000 if it hits $150,000.
However, there’s no assurance that Bitcoin will attain the $150,000 mark within the upcoming 18 months. The cryptocurrency markets are known for their extreme volatility, which can result in both gains and losses for investors. The ongoing conflict in the Middle East between Israel and Palestine has the potential to exacerbate this volatility if tensions escalate. Therefore, it’s advisable to conduct comprehensive research before considering an investment in BTC at this time.