Key Points
- Bernstein analysts predict Bitcoin to reach $500k by 2029 and $1 million by 2033.
- BTC is now trading above $66k.
Analysts foresee a bright future for the price of Bitcoin. For instance, analysts at Bernstein even see BTC reaching $1 million by 2033.
According to the latest reports, even though bears are arguing that the Bitcoin ETF trade is done and most of the early BTC ETF allocations were driven by retail investors, optimistic predicitons still surround the price of the coin.
The arguments against the Bitcoin ETF trade suggest that institutional involvement is limited to the “cash and carry” trade, rather than net long positions.
This implies that ETF flows are not genuine, according to analysts Gautam Chhugani and Mahika Sapra.
Bernstein analysts predict that bears are missing the fact that Bitcoin ETFs are on the cusp of approvals at important warehouses and large private bank platforms in Q3 or Q4.
More than that, the institutional basis trade looks “like the trojan horse” for what mainstream adoption means, in their opinion, and these investors are in the process of evaluating “net long” positions.
Bernstein analysts expect to see Bitcoin at $200,000 by 2025, and $500,000 by 2029. Also, according to them, BTC could even hit $1 million by 2033.
Bitcoin is trading above $66k
At the moment of writing this article, BTC is trading above $66,000.
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The coin is up by over 1% today, amidst optimistic price predictions.
Bitcoin on-chain analyst Willy Woo recently said that we will not see BTC’s price surge significantly until the rare miner capitulation event is over.
Woo recently reiterated his post from June 11 in which he was explaining that the market is undergoing a rare miner capitulation event.
He was saying that this stems from the halving event of Bitcoin which took place back on April 20, and now it’s “culling weak miners.”
Woo explained that as the miners die, they are dumping BTC, but the price of the coin will see a rebound after this.
