Bitcoin Price Gigantic Explosion To $200,000 Now Looks Not As Delusional For These Reasons
Despite Bitcoins recent spectacular upsurge, one firm confidently forecasts that the price of the leading cryptocurrency could more than double the current rate of $93K in the next year or so.
Yes, you read that right. According to analysts at Bernstein, BTCs target of $200,000 no longer looks delusional following the assets recent rally to nearly $100K.
Bernstein Reiterates $200K BTC Price Target
Bernstein has highlighted key catalysts that could drive the price of Bitcoin to its cycle target of $200,000 next year. Analysts at the brokerage firm first set this price target in June when the alpha crypto was valued at around $66,000.
Bitcoin to $100K seems around the corner, and our $200K Bitcoin target [by the end of] 2025 nows looks not as delusional, the analysts wrote in a Nov. 18 note to clients.
Three Big Near-Term Catalysts Could Drive Bitcoins Gains
One catalyst that may propel Bitcoin price to $200,000 is significant advancement toward a national Bitcoin strategic reserve, as President-elect Donald Trump promised pre-election. Bernstein analysts believe serious political momentum toward its establishment has already started but it could require a more extensive process if it entails the acquisition of Bitcoin every year.
Notably, Senator Cynthia Lummis has already presented a draft Bitcoin Act bill that would increase the United Statess holdings until they reach one million tokens, purchased over a period of five years.
Bernstein analysts cited Trumps crypto promises as another possible catalyst for Bitcoins parabolic growth. On the campaign trail, Trump promised to make America a BTC mining powerhouse, put an end to Operation Choke Point 2.0, and stop the regulation-by-enforcement approach adopted by Bidens Securities and Exchange Commission.
According to Bernstein, fulfilling these promises could significantly boost investors confidence in crypto, sparking a sustained rally in the prices of BTC and altcoins such as Ether (ETH) and Solana (SOL).
Spot Bitcoin exchange-traded funds and demand from MicroStrategy are also tailwinds, with total ETF assets under management now standing at a jaw-dropping $92 billion.
Meanwhile, MicroStrategys Bitcoin buying spree and the software intelligence firms plans to raise approximately $42 billion for further acquisitions in the coming three years will be another source of massive demand. Moreover, miners continuous hoarding of BTC as the bullish cycle advances will reduce sell pressure and help drive BTC to six digits.
Bernstein advised investors to hold their BTC as a new crypto regulatory era has yet to be priced in.
With most institutional investors re-examining their anti-crypto stance, we have a long journey of fresh structural allocations to his market. If you are long, we expect you will be on the right side of Bitcoin history, the analysts summarized.
With Bitcoin currently changing hands for $93,400, the dominant crypto must jump around 110% to reach Bernsteins $200K target.
Text source: ZyCrypto
