Bitcoin Aims for $90,000 After Halving According to Bernstein

Bitcoin, the flagship cryptocurrency, has not yet reached the stratospheric highs predicted, but could very well get there following the much-anticipated halving event (reward reduction). According to optimistic projections by Alliance Bernstein, a global investment firm, Bitcoin’s price is likely to climb up to $90,000 post-halving slated for April.

The Road to $90,000 After the Halving  

While Bitcoin has not yet breached the symbolic $90,000 mark, Alliance Bernstein predicts this milestone could be reached following the highly anticipated halving event. In a note published on March 21st, analysts Gautam Chhugani and Mahika Sapra stated: “Given the overall bullish market conditions with strong ETF inflows, low miner leverage, and robust on-chain transaction fees this cycle, the halving’s impact appears relatively mild on the miners, with softening dollar revenues.”

The halving, set to occur on April 20th, is a quadrennial event during which Bitcoin miner rewards are permanently slashed by half. This programmed supply adjustment is expected to make Bitcoin even rarer and, as a result, more valuable according to many experts.

The Insatiable Appetite for Bitcoin ETFs

One of the primary catalysts for this price surge is the eagerly awaited approval of 11 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January. These exchange-traded funds, which allow investors to buy shares that track the underlying price of Bitcoin, have taken off stunningly, registering record inflows week after week.

According to data from CoinShares, a European fund manager specializing in digital assets, a new high was reached last week with $2.9 billion flowing into crypto funds, the vast majority of it pouring into Bitcoin ETFs. In the previous week, investors had put $2.7 billion into funds offering exposure to digital assets.

As the Bitcoin halving draws near, the excitement around the leading crypto only intensifies. With bullish forecasts from major players in the investment industry like Alliance Bernstein, and a massive influx of capital into the recently approved Bitcoin ETFs, Bitcoin appears to be well on its way to reaching breathtaking new heights.