Bernstein analyst reiterates Bitcoin price forecast to hit $150,000

PANews reported on May 6 that according to The Block, despite the recent decline in Bitcoin prices, analysts at Wall Street investment bank Bernstein are firmly optimistic about its prospects and predict that this cycle will reach $150,000, which is expected to be achieved by the end of 2025. Analysts Gautam Chhugani and Mahika Sapra said that the current Bitcoin market is in the early stages of a healthy cycle and the risk-return ratio is still attractive. They believe that Bitcoin's pullback to $57,000 effectively cleared the excessive leverage of cryptocurrency exchange futures contracts.

In addition, the US Bitcoin exchange-traded fund has resumed net inflows after eight consecutive days of outflows. Grayscale Fund's GBTC ETF recorded a net inflow of $63 million last Friday after 78 consecutive days of outflows. Analysts pointed out that this shows strong market demand for new ETFs and helps absorb GBTC's selling pressure.

In the past three months, the overall inflow of ETFs has been strong, the willingness of corporate treasuries to buy Bitcoin has increased, the hash rate has stabilized after halving, transaction fees are healthy, and the price of Bitcoin mining equipment is stable, which are all positive signs for the overall health of the Bitcoin market.