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Bitcoin Price Predictions Remain Bullish
The price of Bitcoin, although currently below its 2021 all-time high, continues to garner optimism from analysts. Global investment firm AllianceBernstein recently revised its projection, stating that the leading cryptocurrency will reach $90,000 by the end of this year, up from the previous estimate of $80,000.
Bitcoin momentarily surpassed silver in market cap last week when it soared to nearly $74,000. However, the price has since retreated, now trading at $66,536. Despite this, analysts Gautam Chhugani and Mahika Sapra from Bernstein remain positive about the digital asset’s trajectory.
The Impact of Bitcoin Halving
Bitcoin’s upcoming halving event, anticipated on April 20, involves a reduction in miner rewards by half every four years. Miners, responsible for minting new Bitcoins and maintaining the network, receive lesser payments post-halving, ultimately making the cryptocurrency more scarce.
Chhugani and Sapra previously adjusted their forecast, foreseeing Bitcoin reaching $150,000 by 2025 due to the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. The Securities and Exchange Commission greenlit 11 such ETFs in January, marking a significant milestone after years of attempts by prominent firms. These ETFs have witnessed substantial inflows as investors seek exposure to Bitcoin.
Analysts suggest that the popularity of Bitcoin ETFs serves as a positive signal for the cryptocurrency’s future performance. Additionally, they recommend investing in Bitcoin mining stocks, highlighting Riot and CleanSpark as top choices post-halving.
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