The cryptoverse is dynamic. Fortunes are subject to rapid fluctuations, so predictions can be based on speculation. Bernstein analysts remain firm in their beliefs despite recent market turmoil, which reinforces their bold predictions for Bitcoin’s future trajectory.
The significance of Bernstein’s position is revealed by a retrospective analysis. Bitcoin [BTC]The world’s biggest cryptocurrency,, has weathered turbulent times between March 2024 and April 2024. A substantial correction of almost 22% was experienced. The price of BTC plummeted during this period of volatility from its high of $72,756 down to the low of just $56,500. BTC, however, was currently trading at $65,415.52 after a 2.47 % daily gain.
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Analysts at Bernstein are unwavering in their optimism. Bernstein’s analysts are unwavering in their optimism. Gautam Sapra and Mahika Chhugani, who are the authors of this bullish forecast, radiate confidence. In addition, their confidence is boosted by the promising metrics which indicate that a robust and growing cycle has just begun. They also note that Bitcoin has a favorable risk-reward balance, which further reinforces their optimistic outlook.
Also Read: Hong Kong Bitcoin ETFs Predicted to Hit $1B AUM in 2024
What’s Next?
Analysts view the recent correction in which BTC dropped to $57,000 a piece as a purification exercise. Analysts claim that the recent correction has effectively removed excessive leverage in cryptocurrency futures contracts, returning a more balanced market dynamic.
The resurgence in net flows into Bitcoin ETFs is a concern. [ETFs] In the United States, the strength of this asset type is apparent. Analysts have also pointed out other indicators that are positive. The analysts also point to a steady post-halving rate of hashing, healthy transaction fee, and low prices for Bitcoin equipment.
Also Read: Bitcoin Records Milestone of 1 Billion Transactions After 15 Years
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Source: watcher.guru