Bitcoin Price Predicted to Hit $150,000: What You Need to Know

Bernstein analysts are reaffirming their prediction of a $150,000 Bitcoin (BTC) price, after their earlier forecast of $70,000 last month proved to be accurate.

Bernstein reaffirms $150k Bitcoin forecast and recommends buying miners.

By Andrew Throuvalas
Last Updated: March 12, 2024
Reading Time: 1 min

[^1^]

Bernstein analysts are back at it again with their bold predictions, this time doubling down on their call that Bitcoin (BTC) will reach $150,000[^2^]. Just last month, they successfully predicted that BTC would hit $70,000, so their track record is off to a good start.

In a recent market research report[^3^], Bernstein cited the success of the U.S. Bitcoin spot ETFs launched in January as a key factor in their bullish outlook. They believe that BTC will “break out” after its halving event next month.

• Coinbase Raises $1 Billion in Convertible Debt: Following the Path of MicroStrategy
• The Most Anticipated Bitcoin Halving in History: What You Need to Know
• Bitcoin Sell-Side Liquidity Crisis: Will Prices Soar or Plummet?

Bernstein Predicts $150,000 BTC

Bernstein’s analysis builds on their previous thesis from November last year, where they called for BTC to reach $150,000 by mid-2025. Their analysis focuses on Bitcoin’s halving event, its four-year cycle, and the tendency for its price to appreciate during bull markets relative to its production cost per coin[^4^].

However, the introduction of Bitcoin ETFs has changed the game. Since their launch, funds like BlackRock and Fidelity have seen massive net inflows, totaling over $10 billion and absorbing more than 185,000 BTC[^5^]. The buying pressure generated by the ETFs far outweighs the impact of the halving event, which will reduce the number of coins produced per day by 450 BTC.

[^6^]

Despite this, the halving event remains a highly anticipated and historically predictive event for Bitcoin’s bull markets. With this in mind, Bernstein views Bitcoin mining firms as the best equity-based leverage play on Bitcoin’s expected rally[^7^].

Bullish On Bitcoin Miners

“With Bitcoin climbing to new highs of $71k, we expect institutional interest in Bitcoin equities to finally tip over, and Bitcoin miners to be the largest beneficiaries,” wrote analysts led by Gautam Chhugani[^7^]. They believe that institutional investors, who have previously been skeptical of crypto and its proxies, will now turn towards Bitcoin equities.

While Bitcoin miners have underperformed Bitcoin and other proxies this year, there are a few standout performers. CleanSpark (CLSK) and Riot Platforms (RIOT) are showing promise, with CLSK up 68% and RIOT down 24% year to date[^8^]. Bernstein expects these stocks to outperform in 2024, with CLSK and RIOT poised to achieve gross margins of around 70% and 60% respectively[^8^].

Additional Q&A for Readers

Q: What is Bitcoin’s halving event?
A: Bitcoin’s halving event is a milestone that occurs approximately every four years when the number of new Bitcoins generated by mining is reduced by half. This event is programmed into the Bitcoin protocol and serves to control the rate of coin creation.

Q: How do Bitcoin ETFs affect the price of Bitcoin?
A: Bitcoin ETFs provide a convenient way for institutional and retail investors to gain exposure to Bitcoin without directly owning the underlying asset. The introduction of these ETFs has attracted significant capital inflows into the Bitcoin market, driving up demand and potentially impacting price movements.

Q: Why are Bitcoin mining firms viewed as a leverage play on Bitcoin’s rally?
A: Bitcoin mining firms stand to benefit from increased demand for Bitcoin, as they are responsible for generating new coins. When the price of Bitcoin rises, mining becomes more profitable, leading to potential gains for mining companies and their shareholders.

Q: Are there any other notable factors influencing the price of Bitcoin?
A: Yes, there are several factors that can impact the price of Bitcoin, including market sentiment, regulatory developments, macroeconomic conditions, and technological advancements. It’s important for investors to stay informed about these factors to make well-informed decisions.

Expert Analysis and Outlook

Based on Bernstein’s analysis and the current market trends, it is evident that Bitcoin continues to gain traction and attract significant interest from both institutional and retail investors. The success of Bitcoin ETFs and the upcoming halving event suggest that the price of Bitcoin could experience further upward momentum in the near future.

Investors looking to capitalize on this potential rally may consider Bitcoin mining firms as an attractive investment option. However, it’s important to conduct thorough research and carefully assess the risks associated with investing in this sector.

As always, it’s crucial to remember that cryptocurrency investments come with their own set of risks and volatility. It’s advisable to consult with a financial advisor or do extensive research before making any investment decisions.

Reference List

1. Andrew Throuvalas – Source
2. Bernstein analysts – Source
3. Market research report – Source
4. Bitcoin’s halving event – Source
5. Bitcoin ETFs – Source
6. Bernstein Bitcoin – Source
7. Gautam Chhugani – Source
8. CleanSpark (CLSK) and Riot Platforms (RIOT) – Source

---

That’s it, folks! Bitcoin’s trajectory continues to excite investors and analysts alike, with Bernstein analysts confident that the price will soar to $150,000. Are you ready to ride the Bitcoin wave? Share your thoughts in the comments below, and don’t forget to spread the word on social media!

🚀📈📣 #Bitcoin #Crypto #Investment

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries inherent risks, and readers should do their own research before making any investment decisions.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!