While Bitcoin continues its fluctuating price movements, a new report came from investment company Bernstein.
According to Coindesk, Bernstein analysts said in a report published today that they expect BTC to quadruple by mid-2025, becoming an asset with a market value of more than $3 trillion.
Stating that the BTC price will quadruple by mid-2025, analysts stated that Bitcoin fundamentals have never looked this good.
At this point, analysts led by Gautam Chhugani said that 70% of the circulating supply was not traded last year and included the following statements in the report:
“70% of the circulating Bitcoin supply remained untraded last year.
While this figure is the highest level of all time in Bitcoin history, it is especially extraordinary for BTC, which is known for its exponential movements with limited supply.
Other catalysts for the BTC price include the halving, which is scheduled to occur in April or May of 2024, and the potential approval of a spot Bitcoin ETF.
“At this point, the SEC continues to evaluate spot Bitcoin ETF applications from leading asset managers, while the US remains on track for approval in early 2024.”
Bitcoin is at $37,200 at the time of writing.
*This is not investment advice.
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