Bitcoin rose to $69,500 early Monday but fell back to $66,000 after a rejection from there. While investors are nervous about this decline, analysts say it is a temporary correction and the rise will continue in the long term.
At this point, Bernstein also stated that the rise in Bitcoin will continue in the long term and that Bitcoin could reach 200 thousand dollars by the end of 2025.
According to The Block, Bernstein stated that the BTC price could reach $200,000 by the end of 2025 and that this target would be a conservative estimate for BTC.
Bernstein digital assets leader Gautam Chhugani wrote in a note to clients on Wednesday:
“Bitcoin will hit $200,000 this cycle (end of 2025). We are also being very conservative in our price forecast.”
Also addressing Bitcoin skeptics, FGautam Chhugani urged skeptics to re-evaluate BTC’s limited supply and its status as a store of value in the face of inflation at a time when the US is experiencing record debt levels.
“If you’re a Bitcoin skeptic… maybe Bitcoin, a limited supply and a store of value, isn’t such a bad thing in a world where US debt is at new records (currently $35 trillion) and inflation threats still exist. If you like gold here, you should like Bitcoin even more,” the analyst said.
Chhugani also recommended MicroStrategy stock as alternatives for indirect exposure for investors who don’t want direct exposure to Bitcoin, as well as Robinhood stock, which continues to expand its crypto services, and Bitcoin mining stocks like Riot Platforms and Core Scientific.
*This is not investment advice.
