The world of cryptocurrency thrives on boundary-pushing forecasts, often embracing them with fervent belief. A new forecast by Gautam Chhugani, an analyst at Bernstein, fueled expectations of Bitcoin’s meteoric rise. According to the crypto strategist, BTC may soar to $150,000 by 2025, a remarkable feat for the flagship cryptocurrency to achieve within two years. Chhugani cites the potential approval of a Bitcoin ETF by the US Securities and Exchange Commission (SEC) in early 2024 as a catalyst for this astronomical rise. The leading digital currency is currently trading at $34,000. Notably, it reached an all-time high of more than $67,000 in November 2021. Analysts at Bernstein expect that the approval of Bitcoin-related ETFs would accumulate up to 10% of all BTC volumes in ETFs. This will make the digital currency more available to conventional investors. At the moment, the only similar product is offered by Grayscale Bitcoin Trust (GBTC), which provides investors with exposure to BTC through an exchange-traded fund. Additionally, the next Bitcoin halving is anticipated in April 2024. Chhugani believes this event could bring substantial profits to miners. Previously, the number one cryptocurrency was projected to surge to a new historic high of $70,000 in the next two to three years, according to some strategists. Many believe that Bitcoin remains one of the best instruments for long-term investment.
