Unfazed: Bernstein Says BTC Still Going to $150,000 Despite Bloody Correction

Research and brokerage firm Bernstein has reaffirmed its bitcoin price predictions even though the leading cryptocurrency has been experiencing a recent slowdown in spot Bitcoin exchange-traded fund (ETF) flows. 

According to analysts Gautam Chhugani and Mahika, the slow spot Bitcoin ETF flows should not be cause for worry rather should be viewed as a “short-term pause” before the cryptocurrency resumes its bull run toward their $150,000 price target by the end of 2025. 

Slow Spot Bitcoin ETF Inflows Not a Cause for Alarm

The analysts attribute the sluggish ETF performance to the quadrennial reward halving which took place earlier this month. However, they expect the slowdown to be temporary, believing that ETFs will become more integrated with private bank platforms, wealth advisors, and brokerage platforms over time.

Moreover, they pointed out that the spot Bitcoin ETF launch was successful pulling forward Bitcoin’s year-to-date returns to 46%. Furthermore, the research firm cited the $12 billion of spot Bitcoin ETF net inflows to date and the healthy position of leading Bitcoin miners post-halving amid market consolidation and transaction fees normalizing at around 10% of miner revenues as factors for reiterating their $150,000 price target for bitcoin.

The analysts noted that although bitcoin has been trading in the $62,000 to $72,000 range since late February, with no clear momentum on either side they remain unfazed by the slowdown. They further reaffirmed their predictions that the total crypto market cap will triple to $7.5 trillion over the next 18 to 24 months

Spot Ethereum ETF Denials Might be Bullish for Ether

The analysts said that potential denials of spot Ethereum ETFs by the United States Security and Exchange Commission (SEC) could present a bullish outlook for Ether. They pointed out the Grayscale Bitcoin ETF case saying that any denial by the the agency on the grounds of an unreliable correlation between the spot and futures market would likely be disproved in court. 

According to Bernstein analysts, if the SEC denies on the grounds of ether being a security, it would likely create an awkward situation with the Commodity Futures Trading Commission (CFTC) and the Chicago Mercantile Exchange (CME), which already trades ether futures without any securities implications. Apart from Bitcoin and Ethereum, the analysts outlined several other crypto projects and niches with significant growth potential this cycle including Uniswap, Solana, and Synthetix.