A private wealth management firm, Bernstein predicts that Bitcoin could reach as high as $150,000 by the year 2025 following the spot Bitcoin ETF effects.
According to an article published by CNBC, Gautam Chhugani – analyst at Bernstein – said that the U.S. Securities and Exchange Commission (SEC) is expected to approve the much anticipated BTC ETF by the first quarter of 2024.
The approval of the Bitcoin ETFs will move up to 10% of Bitcoin supply into ETF markets which is going to get exposed to trillions of dollars of traditional financial market.
This move is estimated to bring an enormous hike of up to five times of Bitcoin’s current price of around $34,000. The post-ETF gains will be doubled than BTC’s all-time-high of $67,000 which was recorded in November 2021.
“You may not like Bitcoin as much as we do, but a dispassionate view of Bitcoin as a commodity, suggests a turn of the cycle,” says Chhugani, “.. SEC approved ETFs by world’s top asset managers (BlackRock, Fidelity), seems imminent.”
Chhuggani mentioned the price prediction while reporting on Bitcoin mining firms which will see a cut-off of 50% in mining rewards after the halving to occur in April 2024.
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