Analysts at Bernstein have raised their Bitcoin (BTC) price forecast to $200,000, up from the previous target of $150,000.
The Wall Street experts argue that Bitcoin and crypto-related stocks remain underrated and poised for institutional investment as past regulatory pessimism fades.
In particular, the analysts emphasize their confidence in the “Bitcoin new cycle thesis,” noting increased adoption by institutional investors and global asset managers. They believe this trend is only the beginning, with the next wave of demand expected from those currently on the crypto sidelines.
Bitcoin ETFs and institutional interest as drivers of gains
The analysts’ note highlights that Bitcoin ETFs are still in their early stages. Since BlackRock (NYSE: BLK) filed its Bitcoin ETF application on June 15, 2023, Bitcoin’s price has surged by 150%.
Bitcoin 1-year price chart. Source: Finbold
Initially, Bitcoin ETF allocations were driven by retail investors, with institutional
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