Telecommunication Giant T-Mobile Ready to Work on Bitcoin Mining

Analysts at Bernstein, Gautam Chhugani and Mahika Sapra share their Bitcoin (BTC) price predictions while discussing the cryptocurrency-focused software intelligence company, Microstrategy.

Launching News.bitcoin.com, Monday (17/6/2024) Gautam and Mahika believe the price of BTC can reach USD 1 million in 2033 and predict a cycle high of USD 200,000 in 2025, up from the previous estimate of USD 150,000.

We revise Bitcoin price expectations to a cycle high of USD 200 in 2025 (vs. USD 150K previously),” said Gautam and Mahika.

“Our basic estimate is that Bitcoin will be worth USD 200,000 in 2025, USD 500,000 in 2029 and USD 1 million in 2033,” he explained.

Analysts largely attributed the bullish price forecast to strong demand from exchange-traded funds or Bitcoin ETFs.

“We believe that US regulated ETFs are a watershed moment for crypto, bringing structural demand away from traditional capital pools,” they explained.

Additionally, the two also predict that by 2025, Bitcoin ETFs will hold around 7% of BTC in circulation, increasing to 15% by 2033.

The analyst at Bernstein also explained that the Bitcoin halving creates a unique scenario where the natural selling pressure of Bitcoin miners is reduced by half, or even more as they hold more Bitcoin in anticipation.

At the same time, a new catalyst for Bitcoin demand emerged, leading to an exponential increase in price.

“We believe Bitcoin is in a new bullish cycle,” he concluded.

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