NEW: Bernstein Expects Bitcoin to Reach $70,000 by Year-End, Driven by ETF Approval and Mining Growth

Analysts from Wall Street’s Bernstein foresee a bullish trajectory for Bitcoin (BTC), predicting it could surge to $70,000 by year-end. The approval of spot BTC exchange-traded funds (ETFs) is anticipated to be a significant catalyst, potentially driving substantial price increases. The analysts highlight the impact of increased buying demand on a commodity with a finite supply curve, emphasizing the significance of ETFs despite their current share being a mere 3.5% of total supply. They anticipate US Bitcoin mining firms to expand operations despite an upcoming halving event, with low-cost miners potentially gaining market share. Additionally, the development of Bitcoin layer-2 protocols is expected to enhance network efficiency and drive transaction revenues. The analysts also suggest a favorable macroeconomic landscape could further support Bitcoin’s rally, particularly if there are indications of a regime change post-elections and potential shifts in leadership at regulatory bodies like the SEC.

Source

74.2K Reads