Bitcoin Analyst Says King Crypto Will Surpass $70,000 In 2024: ‘ETF Juggernaut’


Bitcoin Price Could Reach $70,000 in 2024, According to Bernstein Analysts

Investment firm Bernstein has projected a promising future for Bitcoin, anticipating its price to exceed the previous high of $69,000 and potentially reach $70,000 this year. Despite acknowledging potential volatility, the firm sees a favorable risk-reward balance for Bitcoin in 2024.

Gautam Chhugani and Mahika Sapra, analysts at Bernstein, shared their insights in a note to investors, stating, “While we are not calling for a straight volatility-free climb to all-time-highs, we are comfortable with the risk-reward for the rest of 2024 at today’s price.”

The recent launch of 10 Bitcoin spot exchange-traded funds (ETFs) in the US on January 11 resulted in Bitcoin briefly touching $49,000 before currently trading around $42,600. Bernstein’s report identifies the $42,000 to $43,000 range as a strategic entry point, offering a “no-regrets price with asymmetric upside.”

The analysts predict a 65% increase in Bitcoin’s value, aiming for the $70,000 mark by year-end.

The bullish stance of Bernstein analysts is attributed to four key factors. Firstly, they highlight the significant impact of ETF net inflows on Bitcoin’s price. Last week alone saw inflows of approximately 19,000 Bitcoin, emphasizing the influence of finite supply and increasing demand on pricing.

Secondly, the firm notes that ETF issuers are receiving rapid and unprecedented responses from advisor networks regarding Bitcoin allocations in client portfolios. This indicates sustained demand for Bitcoin.

Thirdly, the Federal Reserve’s potential interest rate cuts could make savings less appealing and push investors towards risk assets like Bitcoin, which tend to thrive in lower interest rate environments.

Lastly, a possible Republican victory in the US presidential election could lead to a change in SEC leadership, impacting crypto market dynamics. SEC chairman Gary Gensler has faced criticism for his strict approach to crypto regulation.

The research note also highlights the growth of Bitcoin’s on-chain ecosystem, including developments like Ordinals and layer 2 solutions, as a positive indicator.

Overall, Bernstein’s analysts expect Bitcoin to continue its upward trajectory in 2024, with the potential to reach $70,000. However, they acknowledge the possibility of volatility along the way. Investors will be closely watching Bitcoin’s performance in the coming months to see if these projections come to fruition.

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