BitcoinBTC has surged higher again, coming in touching distance of $60,000 per bitcoin after a top Fidelity executive issued a huge $1.5 trillion bitcoin price prediction.
The bitcoin price has more than doubled over the last six months, boosting ethereum, XRPXRP and other cryptocurrencies, thanks to a fleet of long-awaited spot bitcoin exchange-traded funds (ETFs) gate crashing Wall Street—with another massive “catalyst” quietly emerging.
Now, as a new trove of emails has revealed “staggering” information about the identity of bitcoin’s mysterious creator Satoshi Nakamoto, the bitcoin and crypto market is braced for “unprecedented institutional adoption,” according to Bernstein analysts.
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“Bitcoin is on an 18-month path to $150,000, led by unprecedented institutional adoption,” Bernstein analysts led by Gautam Chhugani wrote in a note to clients seen by DLNews.
Wall Street giants, led by BlackRock and Fidelity, have charged into the bitcoin and crypto market over the last few months, with a handful of spot bitcoin ETFs raking in billions of dollars in a matter of weeks.
“It’s official… the new nine bitcoin ETFs have broken all-time volume record today with $2.4 billion, just barely beating day one, but about double their recent daily average,” Bloomberg Intelligence senior ETF analyst Eric Balchunas posted to X, adding the $1.3 billion in trading volume for BlackRock’s spot bitcoin ETF was “insane” for a “newbie ETF” and is “big boy level volume, enough for (even big) institutional consideration.”
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Meanwhile, bitcoin and crypto analysts are looking ahead to bitcoin’s looming supply cut, known as a halving, that will see the number of new bitcoin issued to so-called miners in exchange for maintaining the network slashed.
“Fundamentally, it is more logical to expect weak performance before a halving, but that is not the case, and investors must accept this reality with a false start to the market due to the influx of institutionalization via comfortable spot bitcoin ETFs,” Alex Kuptsikevich, senior analyst at FxPro, said in emailed comments.
“Demand is also being helped by strong risk appetite thanks to all-time highs in the major indices.”
The next bitcoin halving, which happen around once every four years and is bitcoin’s fourth such supply cut, is expected to happen in mid-April.
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