Bitcoin to $90K by 2024-end? How this prediction can come true

  • Bernstein projected a potential market expansion for Bitcoin and Ethereum ETFs.
  • Technical analyses support bullish Bitcoin trends, despite recent consolidation phases.

Despite recent fluctuations, Bitcoin’s [BTC] market trajectory remains a focal point for investors and analysts alike.

Over the past week, Bitcoin has struggled to maintain its momentum above the $70,000 mark, although it touched $71,000 earlier last week. 

However, that price mark was short-lived as it retreated afterward, trading at $68,122 at press time. This was a decline of 2.4% over the past seven days, though there has been a modest recovery of 0.6% in the last 24 hours. 

Bitcoin: Market Sentiments

Amidst these price shifts, Bernstein, a prominent wealth management firm, has issued a bullish outlook on the potential growth of Bitcoin and Ethereum [ETH] exchange-traded funds (ETFs).

According to a recent research report by Bernstein analysts Gautam Chhugani and Mahika Sapra, the market for crypto ETFs could expand to a substantial $450 billion based on projected cryptocurrency prices. 

They forecasted an influx of over $100 billion into crypto ETFs in the next 18 to 24 months, with a significant year-end price target of $90,000 for Bitcoin, and an ambitious cycle high of $150,000 by 2025.

Further analysis from The Birb Nest trading firm provided a technical perspective, underscoring bullish indicators in the Bitcoin market.

Their study noted that the 50-week and 200-week simple moving averages (SMAs) stand at $43,950 and $35,358, respectively, providing strong market support levels that fuel investor optimism. 

Additionally, the correlation coefficient with the S&P 500 index is moderately positive at 0.36, suggesting a favorable outlook for Bitcoin in correlation with broader financial markets.

Moreover, the Bitcoin Production Cost (BPRO) and the 200-day SMA provide significant trend support at $62,580 and $53,516, respectively.

The Relative Strength Index (RSI), at 59 at press time, pointed to growing buying interest, although the Momentum index is relatively stagnant at 49. 

While the market’s Fear & Greed Index indicates a sentiment of “greed” at 74, The Birb Nest advises caution to mitigate risks associated with potential market overextensions.

Strategic insights and future prospects

Renowned crypto analyst Willy Woo contributed additional insights into Bitcoin’s recent market behavior.

He highlighted the demand from spot Bitcoin ETFs, notably with recent shifts in market dominance from Grayscale to BlackRock, has significantly outpaced the supply of newly mined Bitcoins.

Source: Willy Woo

Woo also observed increased demand in the futures market, especially from retail traders, which has not yet reached levels that might indicate excessive speculative interest or fear of missing out (FOMO).

Concurrently, there has been notable Bitcoin accumulation by whales, suggesting a potential supply shock that could exert upward pressure on prices in the near future.

However, not all Bitcoin metrics present an optimistic picture.

Data from Glassnode revealed a significant decline in the number of receiving addresses, suggesting either a reduction in transaction activity or a consolidation of funds into fewer addresses.

sam btc glassnode

Source: Glassnode

Is your portfolio green? Check out the BTC Profit Calculator

Despite these concerns, AMBCrypto recently reported that the $66.200 to $66.700 range contains a cluster of liquidation levels, suggesting that Bitcoin may temporarily dip into this region.

Conversely, liquidity at $67.800—which has already been tested—could provide the necessary momentum to push Bitcoin’s price back towards the $71.200 resistance level.

Next: Bitcoin ‘has more room to run before topping out’ – Analyst

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