Financial firm Bernstein moved ahead to raise its forecast set for Bitcoin price by the end of 2025. In a bold projection, Bernstein predicted that BTC could hit $200,000 by 2025 and a staggering $1 million by 2033. However, this comes in when bears are involved in the debates over the future trajectory of the crypto.
Bitcoin bull run is not over
Some bearish analysts have argued that the initial surge in Bitcoin ETF issuance was driven by retail investors. Bernstein suggests that this view overlooks impending developments. The firm believes that Bitcoin ETFs are on the brink of approval globally. The institutional adoption is seen as a “trojan horse” for wider acceptance and long-term investment in Bitcoin.
The major prediction comes in when Bitcoin experienced a dip over the past months. BTC touched a one month low due to high outflows from recently launched ETFs and the anticipation of higher US borrowing costs.
Bitcoin price jumped by around 2% in the last 24 hours, while it is still down by 7% over the past 30 days. BTC is trading at an average price of $66,027, at the press time. Its 24 hour trading volume is down by 41% to stand at $19.88 billion.
ETF not moving much
According to data from CoinShares, $600 million was withdrawn from digital-asset products last week. This marked the highest outflow since March. Jumping inflation has led traders to lower their expectations for Federal Reserve interest-rate cuts this year, which presents a challenge for speculative investments like cryptocurrencies.
The biggest altcoin, Ethereum (ETH), recorded a surge of 3% in the last 7 days. ETH is trading at an average price of $3,586, at the press time.
Traditional markets have outperformed Bitcoin this quarter, a reversal from the first three months of the year when digital assets significantly outpaced stocks and bonds. Caroline Bowler, CEO of BTC Markets Pty, noted that “crypto is becoming increasingly exposed to macro triggers,” but remains optimistic about the long-term outlook.
Market sentiment was further dampened by the poor performance of new coin launches. The ZK token, a much-anticipated project on the Ethereum blockchain, dropped by a third after its listing on Monday. This follows a trend of recent high-profile launching sharp selloffs.
