While the approval for spot Bitcoin ETFs is expected to come this week or by January 10 at the latest, BTC made a good start to 2024 and exceeded $ 45,000.
While many analysts think that the rise in BTC price will continue unabated after a possible approval, Bernstein analysts were among this group.
“Bitcoin May Close 2024 at $80,000!”
Bernstein analysts led by Gautam Chhugani predicted in a client note that BTC will reach a new ATH in 2024, followed by a rally to $150,000 in 2025, Streetinsider reported.
“We are about to embark on a new era of crypto, marked by unprecedented mainstream institutional adoption that is driving the migration of capital from traditional markets to crypto markets.
This year will be an unprecedented year for Bitcoin and cryptocurrencies.
We are also in a positive current macroeconomic environment where inflation is on the decline and there is a chance for monetary stimulus in a major global election year.
There is a lot of enthusiasm for Bitcoin and Bitcoin-related stocks right now.
At this point, we expect Bitcoin to reach all-time highs in the second half of 2024 after the halving, and could likely end the year at around $80,000.
“Our forecast for 2025 is $150,000 as a cycle high.”
“Don't Sell the News, Buy the Drops!”
Bernstein analysts, who also predicted the date for Spot Bitcoin ETF approval, wrote that they are confident that the ETFs will be approved within this week or the next week at the latest.
The “buy the rumor, sell the news” scenario could happen, but ETF approval is not the only catalyst for the BTC price.
At this point, investors should focus on multiple Bitcoin bullish catalysts (such as halving, changing transaction fees) as well as ETF approval.
At this point, I advise investors 'don't sell the news, buy the decline'. Because you will miss the big rises in Bitcoin in the future. Therefore, every decline from now on is an opportunity.”
Finally, touching on spot Ethereum ETFs, analysts said that they expect ETH to be the only asset other than Bitcoin that receives a spot ETF.
*This is not investment advice.