After plummeting to just over $40,000, the bitcoin price has surged by nearly 10%, dispelling market concerns of a potential blow from the Securities and Exchange Commission (SEC). AllianceBernstein analysts are fueling optimism with a bold prediction, anticipating the bitcoin market capitalization to reach $1.5 trillion by the end of 2024.
As the crypto community braces for the impending impact of Bitcoin’s historical halving, set to unleash price chaos, AllianceBernstein analysts Gautam Chhugani and Mahika Sapra foresee a monumental shift in 2024. In a note shared with MarketWatch, they project a swift ascent of the bitcoin price to $80,000 within the next 12 months.
The AllianceBernstein analysts foresee a gradual buildup of Bitcoin ETF flows, with applicants intensifying efforts to secure a foothold in this monumental asset accumulation game. Anticipating a snowball effect, they highlight the potential for advertising and bitcoin branding to play pivotal roles in this process.
Recent market excitement has been fueled by mounting expectations that the U.S. SEC might greenlight a long-awaited bitcoin spot ETF, spurred by a concerted push from Wall Street, led by BlackRock. If approved, AllianceBernstein predicts Bitcoin ETFs could witness around $5 billion inflows in the first half of 2024, escalating to approximately $10 billion in the second half. The analysts further envision that by 2028, around 10% of bitcoin could be held under ETFs.
While the green light for a spot bitcoin ETF could initially prompt a “brief and shallow selloff,” analysts point to pivotal factors shaping the future trajectory of the bitcoin price. The looming April 2024 halving, set to halve the number of newly awarded bitcoins to miners, and a surge in demand from companies emulating MicroStrategy and Tesla are poised to fortify bitcoin’s value.
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Adam Berker, senior legal counsel at payments infrastructure platform Mercuryo, emphasized the potential positive impact of a spot bitcoin ETF approval. In emailed comments, Berker highlighted that the decision would mark a significant milestone for the industry, making crypto investments more accessible. He anticipates a surge in funds flowing into the market, fueled by growing interest in this financial instrument.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.