Alliance Bernstein analysts Gautam Chhugani and Mahika Sapra remain confident about Bitcoin's potential to reach $150,000 by 2025. They said: Feeling better about this call, Bitcoin indicators indicate a healthy cycle, but still in the early stages.
Analysts believe that the recent drop in the price of Bitcoin to around $57,000 is a beneficial correction that has cleared the excess leverage of cryptocurrency exchange futures contracts, thus enhancing market stability. They believe that BTC is far from complete, noting that the risk-reward here remains attractive.
Furthermore, the analysts noted that even the Grayscale-converted Bitcoin ETF (GBTC) recorded net inflows of $63 million for the first time on Friday after 78 days of outflows, stressing: This is significant considering that GBTC has been the source of a lot of sustained selling, and the new 9 ETFs have to absorb this selling.
Alliance Bernstein Analyst: Still confident in Bitcoin's potential to reach $150,000 by 2025
2024-05-07 08:33:59
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
