AllianceBernstein’s Bullish Outlook
Global investment firm AllianceBernstein has raised its price target for Bitcoin to $1 million by 2033. This prediction is based on the following factors:
US Spot Bitcoin ETFs
- New Bitcoin exchange-traded funds (ETFs) managed by major asset managers have brought in significant investment.
- Analysts expect Bitcoin ETFs to account for 7% of all Bitcoins in circulation by 2025 and 15% by 2033.
Bitcoin’s Supply Mechanics
- Bitcoin’s halving events, which reduce the supply of new coins, have historically led to price rallies.
- The next halving is expected in 2024 and could drive the price to $200,000 by mid-2025.
MicroStrategy’s Bitcoin Strategy
- MicroStrategy has acquired a significant amount of Bitcoin, making it a notable player in the market.
- Analysts believe MicroStrategy’s strategy reduces liquidation risk and could lead to its holdings increasing to 1.5% of the Bitcoin supply by 2025.
Outlook for Bitcoin
- AllianceBernstein predicts Bitcoin will reach $500,000 by 2029 and $1 million by 2033.
- The firm also initiated coverage on MicroStrategy with an outperform rating and a price target of $2,890 by 2025.
