According to a report by The Block, analysts at research and brokerage firm Bernstein believe that the recent price correction of Bitcoin presents a temporary buying opportunity and predict that the market will enter a consolidation phase before the Bitcoin halving, followed by a continued bull market. The analysts maintain their view that Bitcoin will reach $150,000 by next year.
Bernstein analysts state that the recent correction in Bitcoin, which saw a retreat from the all-time high of over $73,000 to around $63,000, represents a temporary “buying opportunity” before the Bitcoin halving event in April.
In a report on Tuesday (19th), analysts Gautam Chhugani and Mahika Sapra wrote:
“The market is expected to consolidate before the halving and an overall bull market is expected to continue.”
According to CoinMarketCap data, there are only 31 days left until the Bitcoin mining reward halving at the time of this article.
The US Bitcoin spot ETF remains a significant factor in the market. Grayscale’s Bitcoin spot ETF (GBTC) experienced a record outflow of $642.5 million on Monday, resulting in a net outflow of $154.4 million for the Bitcoin spot ETF, the first outflow since March 1.
Bernstein analysts pointed out that “ETF flows are reflexive – higher on the way up and slower on the way down.” However, considering that Bitcoin’s price has historically consolidated before halving, along with the rebound prior to the approval of the Bitcoin ETF spot and the significant inflows since its launch on January 11, the recent price trend is not surprising.
Chhugani and Sapra wrote:
“In the past three bull markets, the price trend of Bitcoin before and after halving.”
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