Amidst an uncertain financial landscape, the price of Bitcoin has once again captured the market’s attention as it surpasses the $35,000 mark.
Bernstein, a leading investment research firm, has made a bold projection for the pioneering cryptocurrency, suggesting that it could surge to an astonishing $150,000 by 2025.
This prediction comes at a time when Bitcoin has recently broken through the $35,000 barrier, boosted by the Federal Reserve’s decision to maintain unchanged interest rates.
Bernstein, a well-known financial analysis firm, has predicted that Bitcoin will be worth $150,000 by 2025. This optimistic forecast is based on the expectation that the US Securities and Exchange Commission (SEC) will approve a Bitcoin exchange-traded fund (ETF) early on. 2024.
With Bitcoin currently hovering around the 34,000 mark, this forecast represents a five-fold increase from its current value and beyond the previous peak above the 34,000 mark. It is back from 6.
Bernstein predicts that once approved, the ETF could capture roughly 10 percent of the entire bitcoin supply, making it easier for mainstream investors to include bitcoin in their portfolios. Currently, a comparable entity, Grayscale’s Bitcoin Trust (GBTC), holds about 3% of the total Bitcoin supply.
These insights are part of a comprehensive report by Bernstein analyst Gautam Chogani, which also points to a Bitcoin halving in April 2024 that is expected to benefit flexible Bitcoin miners.
However, it’s important to acknowledge the SEC’s ambiguous stance on cryptocurrencies, with Chairman Gary Gensler expressing concern about fraudulent activity in the sector. In addition, the digital currency landscape has faced various challenges, including legal issues related to major platforms such as Binance and FTX.
Bitcoin, the leading digital currency, has shown resilience with a significant improvement in its 24-hour path, currently priced around the crucial 35,222 level. , 36,980, and 36,980, and 37,550.
On the downside, support levels are set at $33,850, with additional cushions at $33,850, with additional cushions at $33,000 and $32,400.
Technical indicators provide interesting insights, with the Relative Strength Index (RSI) standing at 69. It is falling on the edge of overbought territory, which indicates a strong bullish sentiment while also indicating a possible reversal.
Additionally, Bitcoin is above the 50-day EMA (50 EMA) at $33,850, which reinforces the short-term bullish narrative.
Looking at the 4-hour chart, there is a break above the horizontal channel at $35,222, accompanied by a rising bullish candlestick, which signals a continuation of the upward move.
In short, Bitcoin’s current trend is bullish, especially above the important level of 35,220. Instant resistance 36040.
A combination of support and breakout technical indicators indicates a potential upside that will challenge higher resistance levels in the coming sessions.
Market participants should monitor these levels carefully and be on the lookout for any signs of a trend reversal.