Financial brokerage firm Bernstein has released a report supporting the bullish predictions of Bitcoin (BTC) enthusiasts. The report suggests that Bitcoin’s historical price movements, particularly its correlation with halving events, make the prediction of a $150,000 price by 2025 plausible.
The report highlights the cyclical nature of Bitcoin’s price cycles, which align with its halving events that occur roughly every four years.
Bitcoin Halving Cycles: A Key Factor
Bitcoin halving events reduce the number of new Bitcoins created and earned by miners by half. These events historically have a significant impact on the cryptocurrency’s price. With the next halving expected in April 2024, Bernstein’s analysis suggests that investing in successful Bitcoin miners could be a strategic way to gain exposure to the cryptocurrency market.
As of the latest data from CoinGecko, the current price of Bitcoin is $34,458, with positive gains over the past 24 hours and seven days. On-chain data also indicates promising signals for the coin’s upward momentum into November.
Is The Bull Market Approaching?
Bitfinex, a cryptocurrency exchange, has published its Alpha report, which presents an optimistic outlook for the digital asset market. The report points to several factors that indicate the market may be entering the early stages of a bull run.
One of these factors is Bitcoin’s rise to the $35,000 price range, a significant milestone in its recent price trajectory. Additionally, the growing institutional interest in Bitcoin is seen as a positive sign for the market’s readiness for a bull phase.
Short-term holders of Bitcoin, investors who have held the cryptocurrency for less than six months, have profited from the recent surge to the $35,000 range. This observation adds to the positive sentiment surrounding Bitcoin’s performance.
Short-Term Holders Profiting: A Positive Sign
Short-Term Holder Spent Output Profit Ratio, a metric indicating the profitability of short-term Bitcoin holders, surged to its highest level since April 11 on the day of the surge to $35,000. This implies that short-term holders realized substantial profits.
The recent performance of Bitcoin, along with the insights from Bernstein and Bitfinex, supports the potential for Bitcoin to reach $150,000 by 2025. The upcoming Bitcoin halving event in 2024 will be closely watched by investors and market participants to see if historical patterns continue, potentially ushering in a new era of cryptocurrency growth.
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