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Bitcoin’s value continues to rise by around 60% this year, riding a wave of Bitcoin exchange-traded budgets (ETFs) on Wall Street that could turn into a tsunami in China.
Now, as Biden and Donald Trump, candidates for the White House in 2024, are warned “that there is a way to save the U. S. dollar,” analysts at broker Bernstein have raised their Bitcoin value target to $200,000 through the end of 2025.
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“We believe that U. S. -regulated ETFs have been a watershed moment for crypto, leading to structural demand for classic equity funds,” Bernstein analysts wrote in a note to clients seen via The Block. “About $15 billion in net new flows were generated through the ETFs combined. We expect bitcoin ETFs to be equivalent to about 7% of bitcoin flow through 2025 and about 15% of bitcoin’s source through 2033. “
Bernstein’s new Bitcoin value prediction predicts that Bitcoin will rise to $200,000 in line with Bitcoin by mid-2025, giving Bitcoin a market capitalization of around $4 trillion, up 200% from its current $1. 3 trillion.
The fleet of new bitcoin spot ETFs has one of the fastest-growing budgets in history since its debut in January, with the 11 bitcoin spot ETFs racking up an overall net influx of $15. 30 billion in just over six months.
“We, Bitcoin, are in a new bull cycle,” the analysts wrote, pointing to Bitcoin’s recent source cut, known as a halving, which has reduced the daily source of new Bitcoins from around 900 to 450.
“The halving presents a unique situation, in which the natural selling pressure of Bitcoin exerted by miners decreases in part (or even more, as they buy more in advance), while new catalysts for Bitcoin emerge, leading to exponential price movements. “Bernstein’s analysts wrote.
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Bitcoin’s value has skyrocketed over the past year, helped by new Bitcoin ETFs hitting Wall Street.
Bitcoin’s halving has put pressure on Bitcoin miners who trade the network for newly created Bitcoins.
“Since May, the net position of Bitcoin miners (Bitcoin inflows and outflows) has gradually declined, suggesting that their operations have become complicated after the Bitcoin network halved in April,” Yuya Hasegawa, a Bitcoin and cryptocurrency market analyst at Tokyo. Bitbank, said in emailed comments.
“Increasing net outflows of Bitcoin from miners necessarily put pressure on Bitcoin’s value, but, traditionally speaking, when they coincide with a deterioration in profitability (currently, the mining break-even point is between $70,000 and $75,000 on average) it stagnates. In summary, Bitcoin could retest between $70,000 and $72,000 in the near term, but it will likely be difficult to break out of the recent value range.
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