Bernstein: Bitcoin Could Grow to $90,000 by End of Year
Bernstein analysts have revised their forecast for Bitcoin, raising their end-of-year prediction from $80,000 to $90,000, citing improving market conditions. They also anticipate that during the 2024-2025 bull rally, the first cryptocurrency will reach a peak of $150,000.
The upcoming halving, expected to occur around April 20th at block #840,000, is not expected to have as strong of an impact on miners as previous halvings.
This is due to factors such as bullish market conditions, increased ETF inflows, and healthy on-chain fees.
Gautam Chhugani and Mahika Sapra, researchers at Bernstein, believe that this is a positive sign for the overall health of the market.
The halving will result in a reduction of the miner’s reward from 6.25 BTC to 3.125 BTC, leading to the exit of lesser-performing players in the market.
However, Bernstein analysts predict that the decrease in hashrate this time around will only be about 7%, a significant improvement from their previous prediction of 15%.
