Bitcoin
Bernstein raises Bitcoin price target forecast to $200,000, says buy the dip By Investing.com
Investing.com – Analysts at research and brokerage firm Bernstein raised their price forecast to $200,000, up from the previous target of $150,000.
Bitcoin and cryptocurrency-related stocks remain undervalued and are ripe for institutional inflection as pessimism from past regulatory hurdles fades, analysts wrote in a note Thursday.
“We remain convinced of our Bitcoin new cycle thesis,” the analysts wrote, adding that Bitcoin has been increasingly adopted by institutional investors and global asset managers. They believe this adoption is just the beginning, and the next wave of demand is expected to come from cryptocurrency viewers.
The note highlights that Bitcoin ETFs are far from complete. Since BlackRock (NYSE:) filed its Bitcoin ETF application on June 15, 2023, Bitcoin has increased by 150%. While early Bitcoin ETF allocations were driven by retail investors, with institutional participation at 22%, Bernstein sees strong growth in the future. “We see Bitcoin ETFs on the verge of approvals from major news outlets and major private banking platforms in Q3 and Q4,” the analysts noted.
The report also addresses the skepticism of pessimists who argue that ETF flows are not genuine, highlighting that institutional interest is initially driven by the “cash & carry trade” basis and not “net long” positions. However, Bernstein sees this basis trading as a “Trojan horse” to be adopted, with these investors gradually evaluating “net long” positions as they become comfortable with the ETF’s improving liquidity. They expect Bitcoin ETF flows to accelerate in the third and fourth, seeing the current market as offering new levels of entry before the next wave of institutional demand accelerates.
Bernstein’s analysis also reveals that Bitcoin portfolio allocations have ample room for growth. Thirteen-F records show that 22% of AUM is driven by institutional investors, with hedge funds representing about 36% of institutional allocation. Analysts believe that the next step for these investors is to evaluate ‘long’ positions. They also highlight that financial advisors, particularly small and medium-sized ones, with 0.1-0.3% of their portfolio allocated to Bitcoin ETFs, are starting to drive real demand.
“We believe growth will be driven by larger advisors approving ETFs and substantial allocation headroom in existing portfolios,” the note said.
Bernstein draws a parallel between Bitcoin’s current price levels and previous cycles, suggesting that Bitcoin in the $60,000 range today is equivalent to Bitcoin under $10,000 in June 2020. “Bitcoin, despite its recovery is still in an initial cycle and we see it as attractive here”, they noted.
Asset managers have every incentive to put more pressure on marketing and distribution to expand their crypto businesses,” the note concluded.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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