 ▲ Bitcoin (BTC) |
The Bernstein analyst team published a report optimistic about the strength of Bitcoin (BTC).
According to NewsBTC, Bernstein analysts Gautam Chhugani and Mahika Sapra predicted that Bitcoin will be in an upward cycle, reaching up to $200,000 next year. He mentioned 2033 as the time to reach $1 million.
Chugani and Safra's prediction is an upward revision of their previous prediction that Bitcoin will reach $150,000 next year. The prediction that the assets under management of the Bitcoin spot exchange-traded fund (ETF) will increase to approximately $190 billion by 2025 was presented as the basis for upward revision of the Bitcoin price forecast.
It is predicted that the price of Bitcoin will rise, given that Bitcoin spot ETFs have accumulated a large amount of Bitcoin and the number of Bitcoin in circulation is bound to decrease.
In addition, the prediction that Bitcoin will reach $1 million is the result of noting that the supply of miners will decrease as Bitcoin is scheduled to have two halvings before 2033.
So, what is the Bitcoin price situation?
Cointelegraph, a cryptocurrency media outlet, pointed out the $65,000 support level that Bitcoin tested between June 6 and 14 as an important area. The media reported that considering current regulations and economic trends comprehensively, the market prefers strengthening the $65,000 support line.
Bitcoin has been on a downward trend over the past week, but major derivatives indicators have not changed significantly. Bitcoin's two-month futures premium remained above 10%, the threshold for a bull market. Optimism in the Bitcoin derivatives market has decreased compared to a week ago, but there has been no stress or excessive demand for short selling leverage.
