Bernstein forecasts Bitcoin to reach $150,000
Analysts at the major investment firm Bernstein have reaffirmed their $150,000 price forecast for Bitcoin. At the same time, the experts called the current bearish sentiment in the cryptocurrency market the 'weakest in the history' of the asset.
According to Bernstein's analysts, Bitcoin is currently undervalued and has a significant growth potential. They note that over the past year, the price of the first cryptocurrency has fallen by more than 60%, but its fundamental indicators remain stable.
In addition, researchers point out that large market players have been actively accumulating Bitcoin recently. For example, the investment firm Strategy recently purchased an additional 1,142 BTC, increasing its cryptocurrency assets to 59,618 coins.
The market continues to believe in Bitcoin
Despite the drop in the Bitcoin price in 2022, many experts and investors remain optimistic about its prospects. Bernstein analysts believe that the current bearish sentiment in the market is the weakest in the history of cryptocurrency, which suggests that Bitcoin continues to attract a lot of interest from market participants.
Given the long-term growth drivers of Bitcoin, such as institutional adoption, infrastructure development, and growing interest from retail investors, experts forecast that the price of the first cryptocurrency could indeed reach the $150,000 mark in the long run. This represents a potential upside of almost 4 times from current levels.