Analysts at Bernstein foresee Bitcoin ($BTC) potentially reaching $150,000 within the next 18 months, primarily driven by a surge in institutional adoption. This projection follows BTC’s recent climb past the $60,000 mark, a milestone not seen since November 2021.
The cryptocurrency’s upward trajectory has been fueled by the introduction of several spot bitcoin exchange-traded funds (ETFs) in the U.S. and anticipation surrounding its upcoming halving event. This event, scheduled to occur in mid-April, will halve the coinbase rewards miners receive per block found, effectively reducing the available supply of Bitcoin.
However, Bernstein highlights the significance of institutional investment as the real game-changer. Major players in Wall Street, such as BlackRock and Fidelity, have already made forays into the market, launching bitcoin ETFs that have attracted substantial investment in a short period.
Anticipation for this institutional influx is driving what analysts predict to be “unprecedented institutional adoption,” paving the way for Bitcoin’s potential price surge.$
Historically, Bitcoin halvings have been bullish events, often resulting in price surges in the months following the reduction in supply. While some analysts anticipate a temporary downturn before the halving, Bernstein remains optimistic, viewing the event as a catalyst for reaching the projected $150,000 price target.
Notably, investment research firm Fundstrat had previously made an ambitious prediction, suggesting Bitcoin could even reach $180,000 before its halving.
In another bullish forecast, London-based multinational banking and financial services firm Standard Chartered has suggested that Bitcoin’s price could surpass $120,000 by the end of 2024, further underlining the positive sentiment surrounding BTC’s future trajectory.
