Bernstein’s $150,000 bitcoin price forecast has been confirmed by analysts

Analysts at investment research firm Bernstein have confirmed their prediction that bitcoin (BTC) will reach $150,000 during this bull cycle despite the asset's rebound in recent weeks.

According to a recent report by Bernstein analysts Gautam Chugani and Mahika Sapra, Bitcoin metrics show that the network is still in a healthy cycle in its infancy. Despite the recent dip, the leading cryptocurrency is not done yet.

Bernstein reiterates BTC $150K prediction

Bernstein first predicted that BTC will raise to $ 150,000 next year in November 2023. The place of Bitcoin Exchange-Traded Funds (ETF) is bright around the launch in America. But the company is not restricted in the forecast.

In the past few weeks, Bitcoin has seen a significant decline as market participants took profits and the conflict between Iran and Israel escalated. Over the past week, bears have taken over and dragged the leading digital asset below $57,000, wiping more than $200 billion from the crypto market. Although the asset recovered slightly over the weekend and was trading at $64,000 at the time of writing, it may face further correction in the short term.

Chugani and Sapra say Bitcoin's recent decline will wipe out profits on futures contracts on the crypto exchange. Their belief echoes that of Standard Chartered analyst Geoff Kendrick, who said two weeks ago that the depletion of stakeholder positions has created a more favorable environment and paved the way for the crypto market to move higher.

“We feel much better about that call, and bitcoin metrics point to a healthy cycle in the early stages. The risk-reward here remains attractive,” Chugani and Sapra said.

ETF returns are encouraging.

Additionally, Bernstein analysts cited healthy post-halving transaction fees, steady post-halving hash rates, lower Bitcoin mining costs and additional BTC purchases by corporate treasuries as encouraging factors.

On Friday, US spot Bitcoin ETFs broke a seven-day outflow and recorded inflows of more than $378 million. The grayscale GBTC, which has seen its first outings since its launch, saw its first revenue streams as it received $63 million from investors. According to Chugani and Sapra, the GBTC inflow is a major improvement in the market as the other nine ETFs have taken the fund's inflow out of favor.