Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	13,243,390,600	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

13,243,390,600

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0011	0.29%	0.3769	0.3767	0.3769

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0011

0.29%

0.3769

0.3767

0.3769

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.3775	0.3711	0.375	0.3758	0.236800 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.3775

0.3711

0.375

0.3758

0.236800 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:01:10	2.64	0.3767	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:01:10

2.64

0.3767

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,955,591.32	5,215,593.55	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,955,591.32

5,215,593.55

Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus

16/06/2024 12:00am

NEWSBTC

Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy. These analysts also outlined factors that they believe could contribute to BTC’s exponential price surge. Bitcoin To Hit $200,000 And Then $1 Million Chhugani and Sapra predicted in the report that BTC will rise to a cycle high of $200,000 by 2025 and that the flagship crypto will reach $1 million by 2033. Bernstein had previously predicted that Bitcoin would reach $150,000 by 2025. However, these analysts have now revised their targets and alluded to the institutional demand for BTC as one of the reasons they believe the flagship crypto can reach such heights. Related Reading: Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024 The research firm predicts that the Spot Bitcoin ETFs will continue to record impressive demand and that the Bitcoin under management could reach $190 billion by 2025, a significant increase from the $60 billion in BTC that funds issuers already have under management. In other words, these analysts expect BTC’s price to succumb to the supply and demand dynamics, considering that the Bitcoin in circulation is bound to drastically reduce as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs. Moreover, two Bitcoin halvings are set to occur before 2033, further reducing miners’ supply and thereby supporting their base case of BTC hitting $1 million. MicroStrategy To Benefit From BTC’s Growth These Berstein analysts also initiated coverage on MicroStrategy with an outperform rating. They predict that the software company’s stock can rise to $2,890 thanks to its BTC exposure. A rise to $2,890 represents about a 95% increase for MicroStrategy’s stock, which is currently valued at around $1,500. The research firm noted that MicroStrategy has committed itself to “building the world’s largest Bitcoin company.” This has already paid off so far, with Chhugani and Sapra stating that the software company has transformed from a “small software company to the largest BTC holding company” since August 2020 (when it started accumulating BTC). MicroStrategy already owns 1.1% of Bitcoin’s total supply, with holdings worth around $14.5 billion. The company’s BTC holdings are expected to increase soon enough, as they recently announced plans to offer $500 million of Convertible Senior Notes. Some of the proceeds from the proposed sale will be used to buy additional BTC. Related Reading: Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On? Berstein highlighted how the company’s co-founder Michael Saylor has become synonymous with the Bitcoin brand and that the company’s position as the leading Bitcoin company has helped attract “at scale capital (both debt and equity) for an active Bitcoin acquisition strategy.” In dollar terms, Bernstein noted that MicroStrategy’s Bitcoin net asset value (NAV) per share “has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price.” “We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet.” Chhugani and Sapra added. Featured image created with Dall.E, chart from Tradingview.com

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