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ZyCrypto 2025-02-18 17:14:38

‘Next Leg Of Bitcoin Bull Market Is Loading,’ Says Bernstein Amid Confluence Of Bullish Tailwinds

Bitcoin’s bull run is going to continue as fundamental stars start to align. That’s according to analysts at research and brokerage firm Bernstein, who said on Monday that investors should be prepared for the next leg of the bull rally in Bitcoin and equities related to the alpha crypto. Bitcoin Has More Room To Run Bernstein analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia believe that the current bull market started in Q4 of 2023 following the anticipation of spot Bitcoin exchange-traded fund approval in the United States, driving the price of BTC from $25,000 levels to past $46,000 by the time the funds started trading on Jan. 11, 2024. According to Bernstein, the massive inflows into the spot ETFs created the next tailwind. Their unprecedented success was not priced in, and Bitcoin skyrocketed to a record high of about $74,000 before the bulls took a temporary break. Finally, the victory of pro-crypto Donald Trump in the November presidential election further spurred the next huge bullish impulse following his campaign promises to make the U.S. the world’s crypto capital and establish a national Bitcoin stockpile. At the time, Bitcoin hit its historic high of $108,786 on Trump’s swearing-in day . “The next leg of the Bitcoin bull market is loading up with a confluence of several positive catalysts,” the analysts wrote. They think that the Crypto Task Force, led by Trump’s AI and crypto Czar David Sacks, will deliver the National Bitcoin Reserve with the directive of the president. Other Bitcoin Tailwinds That Could Drive Prices Higher In 2025 Bernstein strategists further added that Abu Dhabi’s sovereign wealth fund purchasing Bitcoin via the exchange-traded funds was bullish for the foremost crypto. Moreover, the new Trump regime recently announced a sovereign wealth fund (SWF). They also highlighted Strategy’s (formerly MicroStrategy) recent $742 million BTC purchase, taking its total stash to 478,740 BTC , worth around $45 billion at current market prices. The U.S. Securities and Exchange Commission’s repeal of SAB 121 , a move that now allows crypto custody by banks, and strong year-to-date Bitcoin ETF inflows of nearly $5 billion are other catalysts noted by Bernstein. “The confluence of adoption by banks, institutional investors, corporates and eventually sovereigns (directly or via sovereign funds) is positioning Bitcoin as the clear challenger to gold,” the report said. “With Bitcoin at $2 trillion market value vs. $18 trillion market value of proven gold reserves, we see asymmetric upside for Bitcoin.” The Bernstein analysts have previously forecasted that the Bitcoin price would be valued at $200,000 per coin by the end of this year.

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