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Bitcoin ($BTC) could see its price surge to $150,000 over the next 18 months, driven by a wave of institutional adoption, according to analysts from Bernstein. The figure comes shortly after BTC’s price moved past the $60,000 mark for the first time since November 2021.
The cryptocurrency’s price rise was fueled by the launch of several spot bitcoin exchange-traded funds (ETFs) in the U.S. and anticipation of its upcoming halving event, which will cut coinbase rewards miners receive per block found in half.
However, the real game-changer, according to Bernstein, is the anticipated surge in institutional investment. Major Wall Street players like BlackRock and Fidelity have already entered the arena, launching bitcoin ETFs that have attracted billions in a matter of weeks.
This trend is expected to continue, paving the way for “unprecedented institutional adoption,” according to the analysts’ research notes reported on by Forbes.
[1/4] Bitcoin ETF Flow – 29th Feb 2024
— BitMEX Research (@BitMEXResearch) March 1, 2024
All data in. $92m of positive flow for the day, with Blackrock and GBTC offsetting eachother, each with $600m flow in the other direction pic.twitter.com/f5uFFxl1YS
Bitcoin’s upcoming halving, set to occur in mid-April, is part of a fixed scheduled meant to reduce the amount of Bitcoin being produced. Bitcoin halvings occur every 210,000 blocks – roughly every four years – and have the potential to significantly impact Bitcoin’s price by reducing available supply.
Historically, the halving has been a bullish event, with the price of the cryptocurrency surging in the months that followed. While some analysts anticipate a pre-halving slump, Bernstein remains bullish, predicting the halving will act as a catalyst for the projected $150,000 price point.
Notably, investment research firm Fundstrat has, last year, made a staggering price prediction, suggesting the cryptocurrency could see a leap to reach $180,000 ahead of its halving.
As CryptoGlobe reported, earlier London-based multinational banking and financial services firm Standard Chartered has suggested that the price of the flagship cryptocurrency could breach the $120,000 by 2024’s close in another major bullish price prediction for BTC.