Gautam Chhugani and Mahika Supra, analysts from Bernstein, a research and brokerage firm, have maintained a price prediction target of $150,000 Bitcoin (BTC). This is despite the decreased flow of capital into spot Bitcoin ETF products.
The market can be unpredictable despite the crypto coin’s positive factors like the “halving” event and the successful ETF launch, still, it has been experiencing a slowdown.
BTC returns YTD dipped by 2.31%, but it’s still up 46% overall. The analysts expect the bullish run to continue, with a target of $150,000 by 2025. They highlighted the $12 billion inflows into spot Bitcoin ETFs and strong miner positions after the halving.
According to a report, spot Bitcoin ETF inflows peaked at $1.05 billion on March 12, coinciding with Bitcoin’s latest all-time high of $73,836. Experts believe it will take time for Bitcoin to be widely accepted in portfolios and for compliance frameworks to be established for ETF sales. Market consolidation and stable transaction fees of around 10% are also contributing to this positive outlook.
Spot Ethereum ETF Rejection Could Propel Ether into a Bull Run
The analyst said the US Securities and Exchange Commission (SEC) might reject spot Ethereum ETFs by the May 23 deadline due to the unreliable correlation between the spot and futures market. This decision could be disproven and challenged in court like the Grayscale Bitcoin ETF case.
On the flip side, the SEC could deny the ETF based on the argument that Ethereum is a security. This would create a “tricky” situation with the Commodity Futures Trading Commission (CFTC), which considers it a commodity.
If the SEC denies the ETF, Chhugani, and Sapra believe it could lead to lawsuits and shift focus to Ethereum. They think Ethereum has attractive risk-reward potential and its success could revive “ETH-beta” Layer 2 tokens like Arbitrum, Optimism, and Polygon.
The analysts are super pumped about staking Ethereum through Lido. It’s all about incentives and getting more people into the crypto scene as EigenLayer’s restaking economy and the upcoming Eigen token launch will give a major boost to crypto adoption.
Bitcoin Price and Prediction on Crypto Market Cap
The analysts mentioned that Solana’s strong position in USDC stablecoin volumes demonstrates its increasing influence in crypto payments. The blockchain platform partnering with Visa, Shopify, and Stripe is worth noting as it has held great promise for expanding its presence in mainstream payment solutions.
Furthermore, the market for real-world assets is expanding with notable mention from the analysts. BlackRock and Franklin Templeton’s tokenized money market funds now have over $700 million in assets under management. Additionally, the total value of tokenized U.S. Treasuries on-chain is around $1.3 billion. The analysts believe that Chainlink’s data oracle and tokenization platform play a crucial role in this niche’s infrastructure according to the analysts.
It was pointed out that the Ronin blockchain, with its 11 games and a user base of 3 million, has led to a growing market for tokenized real-world assets. This includes money market funds provided by BlackRock and Franklin Templeton. Uniswap, GMX, and Synthetix are seen as top DeFi sector proxies.
In summary, the Bernstein analysts emphasized their belief that Bitcoin price and the total cryptocurrency market capitalization will triple to $7.5 trillion within the next 18 to 24 months.
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