Bernstein analysts double down on $150,000 bitcoin price prediction
"We feel even better about that call and BTC +1.27% metrics indicate a healthy cycle, still in its early stages," Gautam Chhugani and Mahika Sapra wrote in a note, adding: "Risk-reward here remains attractive."
The analysts shared their view that the recent correction to a local low of roughly $57,000 effectively "cleaned up the excess leverage on futures contracts on crypto exchanges."
They also noted that bitcoin exchange-traded funds in the United States reversed course by returning to combined net inflows after eight consecutive days of outflows. Even Grayscale's converted GBTC ETF recorded $63 million in net inflows on Friday after a 78-day streak of outflows. "This is significant considering GBTC has been a source of significant and continued selling, which the new 9 ETFs have had to absorb," they explained.
The Bernstein analysts also cited strong overall inflows into ETFs over the past three months, new encouragement for corporate treasuries to buy bitcoin, steady post-halving hash rate, healthy post-halving transaction fees and subdued prices for bitcoin mining equipment as healthy signs for the overall bitcoin market.
Bitcoin is currently trading above $64,400, according to The Block's Bitcoin Price Page .
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