Financial services firm Bernstein has initiated coverage of online trading platform Robinhood with an “outperform” rating and a price target of $30 per share, citing an anticipated “monster” cryptocurrency market cycle.
In a research report, first covered by CoinDesk, Bernstein analysts predicted a “monster” crypto cycle, forecasting the total market capitalization to skyrocket to $7.5 trillion by 2025, nearly triple its current value of $2.6 trillion. This surge, the report argues, would translate into significant growth for Robinhood’s cryptocurrency revenue, potentially increasing by a factor of nine.
Bernstein’s bullish outlook extends beyond Robinhood, with projections for individual cryptocurrencies including Bitcoin’s market cap being expected to reach $3 trillion by 2025, up from its current $1.43 trillion market capitalization, which could mean BTC’s price would double by next year to over $140,000.
Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, was forecasted to hit $1.8 trillion, up from its current level of $472.9 billion, which would see Ethereum’s price top the coveted $10,000 mark to trade around $15,000, up from its current $4,000 level.
The report also projects a combined market cap of $1.4 trillion for other leading blockchain tokens, with analysts Gautam Chhugani and Mahika Sapra writing they believe “the crypto market is experiencing unprecedented levels of institutional adoption.”
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This trend, they predict, could lead to a surge in assets under management for a spot Bitcoin exchange-traded fund (ETF) to as high as $300 billion by 2025, while also predicting the launch of a spot Ethereum ETF within the next year.
The firm, as CryptoGlobe reported, has predicted Bitcoin could see its price surge to $150,000 over the next 18 months, driven by a wave of institutional adoption and its upcoming halving event.
Bitcoin’s upcoming halving, set to occur in mid-April, is part of a fixed schedule meant to reduce the amount of Bitcoin being produced. Bitcoin halvings occur every 210,000 blocks – roughly every four years – and have the potential to significantly impact Bitcoin’s price by reducing available supply.
Historically, the halving has been a bullish event, with the price of the cryptocurrency surging in the months that follow it. While some analysts anticipate a pre-halving slump, Bernstein remains bullish, predicting the halving will act as a catalyst for the projected $150,000 price point.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/03/bernstein-eyes-on-monster-crypto-cycle-that-could-take-btc-to-150000-and-eth-to-150000-amid-unprecedented-institutional-adoption/
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