Bernstein updates its price outlook for 2024
Leading research firm Bernstein has once again reaffirmed its optimistic crypto outlook for 2024, undeterred by the regulatory challenges that continue to shape the industry. The firm’s latest update paints a promising picture, anticipating a tripling of the total crypto market outlook to a staggering $7.5 trillion over the next 18 to 24 months. In this article, MPost will disscuss what is the company’s crypto outlook.
With slower inflows into Bitcoin ETFs (Exchange-Traded Funds) following the crypto “halving” event, the firm remains steadfast in its belief that Bitcoin’s price prediction for 2024 will soar to a remarkable $150,000 by 2025.
Gautam Chhugani and Mahika Sapra informed clients in a note that they expected the upward trend of Bitcoin to continue following the halving, provided that the mining hash rates had stabilized and that ETF inflows had picked back up. Additionally, they said that structural demand for bitcoin will probably continue to be created by the integration of spot bitcoin ETFs with wirehouses and RIAs. They also continued to predict that by 2025, bitcoin will hit a cycle high of $150,00,000.
Bernstein’s optimism stems from the crypto long-term outlook, which envisions a future where traditional financial institutions increasingly embrace digital assets. The experts believe that significant demand will be generated by the integration of spot Bitcoin ETFs with wealth advisers and financial platforms, which will accelerate the rise of the crypto.
Furthermore, the company understands that legal barriers are only transitory. For example, the U.S. Securities and Exchange Commission (SEC) is set to reject an Ethereum ETF because of worries about market correlation and categorization problems. Bernstein, for one, isn’t discouraged and believes that these challenges will soon be solved, opening the door for Ethereum’s expansion.
Bernstein is also focused on the Ethereum staking industry, where Lido is the dominant player. High-beta possibilities, according to the corporation, will present themselves as the ecosystem develops. This belief will be reinforced by the upcoming Eigen layer rollout, which is projected to spur growth and promote the re-staking economy.
The firm’s Bernstein crypto analysis extends beyond the two industry giants. Bernstein is drawn to Solana because of its novel design, which provides quick processing times and inexpensive transaction costs. Because of this, Solana is a strong rival to Ethereum. The blockchain’s increasing prominence in stablecoin transactions and its integration with major payment processors like Visa and Shopify highlight its potential for payments.
The fact that Bernstein added the Ronin Blockchain to its portfolio, which acts as a stand-in for the quickly growing cryptocurrency gaming industry, is more evidence of the company’s dedication to the market. The promise of blockchain-based gaming is demonstrated by Ronin, the host of the well-known game Axie Infinity, which has an outstanding monthly active user base of almost 3 million.
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He's a seasoned writer known for crafting compelling narratives that engage audiences and drive brand growth. With a keen eye for detail and a passion for storytelling, Kenth excels at turning complex ideas into eye-catching marketing messages.
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He's a seasoned writer known for crafting compelling narratives that engage audiences and drive brand growth. With a keen eye for detail and a passion for storytelling, Kenth excels at turning complex ideas into eye-catching marketing messages.
