Bitcoin (BTC) Price Prediction: Bernstein Predicts BTC Could Reach $150K

Bitcoin Price Action

Bitcoin (BTC) is currently trading around the $35,350 mark, gaining around $3.12% over the past 24 hours. BTC also outperformed the cryptocurrency market, as the total market cap for crypto saw an increase of nearly 3% in the same period. The cryptocurrency has seen a positive trend recently, with data indicating an increase of 28% over the past month.

The long-term picture for BTC has also been a positive one, with the cryptocurrency registering an increase of 73% in the past year. Around this time last year, BTC was priced at around the $20,500 mark. The current sentiment around Bitcoin is quite bullish, with important support levels at $ 34,574, $ 33,720, and $ 33,248. Meanwhile, the key resistance levels are at 35,900, $ 36,372, and $ 37,226.

Bitcoin Price To Surge

According to Gautam Chhugani, an analyst at Bernstein, the predicted surge to $150,000 could be due to current optimism surrounding the potential approval of the spot Bitcoin exchange-traded fund. Chhugani also stated that he expected the United States Securities and Exchange Commission to approve at least one or two proposals for a spot Bitcoin ETF in the first quarter of 2024.

At present, there are eight to ten traditional finance giants that have ETF applications pending with the Securities and Exchange Commission. These include the world’s largest asset manager, BlackRock. Others in the fray are VanEck, Cathie Wood’s Ark Invest, Galaxy Digital, Wisdom Tree, and Fidelity Investments. Bernstein expects that an ETF approval would see around 10% of Bitcoin’s circulating supply go toward exchange-traded products. It further added that Grayscale’s Bitcoin Trust already holds around 3% of the cryptocurrency’s available supply.

“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. A good idea is only as good as its timing – SEC-approved ETFs

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Author: Amara Khatri

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