Despite the recent pullback in the price of Bitcoin, Bernstein analysts maintain the cryptocurrency still has a promising future.
They maintain their prediction that Bitcoin will reach $150,000 within the current market cycle, which is expected to occur by the end of 2025.
In their analysis, analysts Gautam Chhugani and Mahika Sapra note that Bitcoin's metrics indicate a strong and healthy market that is still in its early stages. They believe the current risk-to-reward ratio for investing in Bitcoin is attractive.
In addition, analysts have noted the recent Bitcoin price correction has effectively eliminated any excess leverage in crypto exchange futures contracts.
Notably, they have also noted renewed interest in Bitcoin ETFs in the United States, with net inflows following a spate of outflows.