Greed

Bitcoin ETF

Bitcoin

Bernstein analysts expect that Bitcoin’s price will reach $200,000 by 2025 and $1 million by 2033. This comes after high inflows into spot US Bitcoin exchange-traded funds (ETFs) after their approval in January 2024. The prediction comes amid a market decline as bulls and bears struggle to to decide the crypto market direction.&nbsp; 
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Crypto assets enjoyed a rally during the European morning, lifting BTC around 1.5% over 24 hours to $66,300 and ETH 2% to $3,600. However, the price movement has been halted, signaling market struggles. 
<h2 class="wp-block-heading" id="bitcoin-projected-to-trade-around-200k-in-a-few-months">Bitcoin projected to trade around $200K in a few months</h2> 
Most recently, Bernstein analysts have made a BTC prediction on the back of Spot BTC ETFs. These analysts predict that spot BTC ETFs could represent around 7% of the total circulating BTC supply by the end of 2025. 
Bernstein analysts Gautam Chhugani and Mahika Sapra wrote in a note addressed to their clients, “We see Bitcoin ETFs as on the cusp of approvals at major wirehouses/large private bank platforms in Q3/Q4.”&nbsp; 
<blockquote> 
 The institutional basis trade looks like the ‘Trojan Horse’ for adoption, and these investors are in the process of evaluating ‘net long’ positions. 
 Bernstein 
</blockquote> 
According to the analysts, the majority of spot Bitcoin ETF flows currently originate from self-directed retail investors through broker platforms, while institutional integrations with wirehouses are still in the early stages. 
The analysts add, “Around $15 billion of net new flows have been brought in by the ETFs combined, […] We expect Bitcoin ETFs to be equivalent to ~7% of Bitcoin in circulation by 2025 and ~15% of Bitcoin supply by 2033.” 
At present, the Bitcoin Fear and Greed Index stands at 60, signaling a Greed market metric. 
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According to Bernstein analysts, BTC’s price is now in a new bull market cycle, which is being fueled by the recent BTC halving event. The analysts expect the emergence of new catalysts that will stimulate demand for the asset. 
<h2 class="wp-block-heading" id="crypto-market-price-action">Crypto market price action</h2> 
In addition to the influx of capital into spot BTC ETFs, there has been a notable increase in institutional funds flowing into Satoshi’s brainchild, BTC. 
MicroStrategy, the largest corporate BTC holder, has once again demonstrated its commitment to its Bitcoin accumulation strategy. As confirmed by founder and former CEO <a href="https://x.com/saylor/status/1803763490928119950" rel="nofollow" target="_blank">Michael Saylor,</a> the company recently acquired an additional 11,931 BTC for approximately $786.0 million. 
The business intelligence firm currently possesses 226,331 BTC, which accounts for roughly 1.15% of the total global supply of Bitcoin. 
MicroStrategy recently revealed its intention to raise $800 million through convertible senior notes due 2032. The funds generated from this offering will be used to increase its Bitcoin holdings. 
<figure id="attachment_543927" aria-describedby="caption-attachment-543927" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-543927 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/06/screenshot-x.com-2024.06.20-20_19_53.jpg" alt="Michael Saylor" width="804" height="664" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/06/screenshot-x.com-2024.06.20-20_19_53.jpg 804w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/screenshot-x.com-2024.06.20-20_19_53-300x248.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/screenshot-x.com-2024.06.20-20_19_53-768x634.jpg 768w" sizes="(max-width: 804px) 100vw, 804px">
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The current value of Bitcoin is $64,863.59. This represents a slight increase of 0.1% compared to an hour ago but a 0.1% decrease from yesterday. The current value of BTC is 2.4% lower than its value a week ago. 
The current global crypto market cap stands at $2.49 Trillion, with a slight 0.24% change in the past 24 hours and a significant 115.12% change compared to one year ago.&nbsp; 
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BTC’s market cap currently stands at $1.28 Trillion, indicating a BTC dominance of 51.47%. Meanwhile, the Stablecoins market cap stands at $162 Billion, representing a 6.52% share of the overall crypto market cap. 
Cryptopolitan reporting by Florence Muchai

Bitcoin set to hit $200k in 2025, Bernstein analysts

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