Bitcoin Analyst Says King Crypto Will Surpass $70,000 In 2024: 'ETF Juggernaut'
Portfolio Pulse from Murtuza Merchant
Bernstein analysts predict Bitcoin (BTC) to surpass $70,000 in 2024, citing ETF inflows, advisor network responses, macroeconomic conditions, and potential SEC leadership changes as key factors. Despite expecting volatility, they see a favorable risk-reward balance and identify the $42,000 to $43,000 range as a strategic entry point. The launch of 10 Bitcoin spot ETFs in the US has already impacted Bitcoin's price, which briefly touched $49,000 and is currently around $42,600.
February 06, 2024 | 4:56 pm
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Bitcoin is projected to surpass $70,000 in 2024 according to Bernstein analysts, driven by factors like ETF inflows, advisor network responses, macroeconomic conditions, and potential SEC leadership changes.
The analysis by Bernstein points to a bullish outlook for Bitcoin, emphasizing the significant impact of ETF inflows, sustained demand from advisor networks, favorable macroeconomic conditions, and potential regulatory changes on Bitcoin's price. The identification of a strategic entry point and the prediction of a 65% increase in Bitcoin's value by year-end further support a positive short-term impact.
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IMPORTANCE 90
RELEVANCE 100