Analysts at Bernstein suggest that Bitcoin ($BTC) may experience a surge to $150,000 within the next 18 months, driven by a notable uptick in institutional adoption. This forecast comes on the heels of Bitcoin’s recent climb past the $60,000 threshold, a level not seen since November 2021.
The ascent in Bitcoin’s price was propelled by the introduction of several spot bitcoin exchange-traded funds (ETFs) in the U.S. and anticipation surrounding its upcoming halving event, which is set to halve the coinbase rewards miners receive per block.
According to Bernstein, the pivotal factor influencing this surge is the anticipated increase in institutional investment. Major players on Wall Street, including BlackRock and Fidelity, have entered the space by launching bitcoin ETFs, garnering billions in a matter of weeks.
This trend is expected to persist, leading to what Bernstein describes as “unprecedented institutional adoption,” as outlined in the analysts’ research notes highlighted by Forbes. Bitcoin’s upcoming halving, scheduled for mid-April, is part of a fixed cycle aimed at reducing the production of new Bitcoins. Historically, Bitcoin halvings, occurring roughly every four years, have had a bullish impact on the cryptocurrency’s price in the months following.
While some analysts foresee a potential pre-halving dip, Bernstein remains optimistic, foreseeing the halving as a catalyst for achieving the projected $150,000 price target. Notably, investment research firm Fundstrat previously made an ambitious prediction, suggesting Bitcoin could surge to $180,000 ahead of its halving.
Additionally, Standard Chartered, a London-based multinational banking and financial services firm, has also presented a bullish outlook, suggesting that Bitcoin’s price could surpass $120,000 by the close of 2024.