An analyst at U.S. investment management firm Bernstein is predicting that the price of Bitcoin (BTC) will reach $150,000 U.S. by 2025.
Bernstein analyst Gautam Chhugani is making the bold prediction based on an assumption that the U.S. Securities and Exchange Commission (SEC) will soon approve a Bitcoin exchange-traded fund (ETF).
The bullish forecast is nearly five times larger than Bitcoin’s current price of $34,500 U.S. and more than double the cryptocurrency’s all-time high of $68,000 U.S. reached in November 2021.
In a note to clients, Bernstein says that ETF approval will likely shift up to 10% of Bitcoin’s circulating supply toward exchange-traded funds as it will allow individual investors to gain Bitcoin exposure directly from their investment portfolios.
“SEC approved ETFs by the world’s top asset managers (BlackRock, Fidelity et al), seems imminent,” wrote Chhugani.
Over the past week, the price of Bitcoin reached $35,000 U.S., its highest level since May 2022 as investors grow increasingly hopeful that the SEC will approve an ETF by year’s end.
The price of Bitcoin is now up 107% in 2023. The largest cryptocurrency had fallen to $16,000 U.S. in December 2022 amid a major selloff that has come to be known as a “crypto winter.”
