Amid Bitcoin’s positive performance this year, $725 billion asset manager Bernstein has predicted that BTC will reach $90,000 in 2024. Moreover, the firm notes that the leading cryptocurrency will also reach a high of $150,000 the following year, as a byproduct of a surging industry.
Following the approval of Spot Bitcoin ETFs in January, the asset has surged more than 150% this year, according to CoinMarketCap. With Ethereum receiving the same ETF approval from the US Securities and Exchange Commission (SEC) this month, Bernstein has expressed high hopes for the market.
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Bernstein Predicts $450 Billion Bitcoin and Ethereum ETF Markets
The cryptocurrency market entered 2024 with a wealth of optimism. Most of that hinged on the potential arrival of crypto-based ETFs. These investment vehicles would open the door to increased adoption, and institutional investments flooding the sector.
That has come to fruition, with the industry’s two largest cryptocurrencies being approved for these spot ETFs. Now, Bitcoin is expected to surge in value, as $725 billion asset manager Bernstein has predicted the products will drive BTC to a $90,000 mark in 2024.
In a research report issued on Tuesday analysts Gautam Chhugani and Mahika Sapra shared notable forecasts. Specifically, they conveyed a prediction that flows into the two investment offerings and would surpass $100 billion in the next 24 months.
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Additionally, the analysts identified a $150,000 price target for Bitcoin in 2025. Subsequently, that would see the value of the asset handily exceed its current all-time high of $73,000. Indeed, that milestone was reached in March, just three months after its Spot ETF approval.
Over the last week, Ethereum has experienced moderate gains. Specifically, it is up more than 2% over the last seven days, with many expecting the launch of its ETF to drive the value higher. Conversely, Bernstein contends that the product’s arrival will certainly be good for Bitcoin.