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Bernstein Report: Bitcoin’s current correction provides opportunity to buy on dips ahead of halving

Bernstein Report: Bitcoin’s current correction provides opportunity to buy on dips ahead of halving

CointimeCointime2024/03/19 14:34
By:Cointime

Analysts Gautam Chhugani and Mahika Sapra from Wall Street investment bank Bernstein wrote in a report to clients on Tuesday: "We believe that Bitcoin's current consolidation phase is temporary and provides a buying opportunity on dips before the Bitcoin halving. We still believe that there is an 18-month opportunity across cycles for Bitcoin and the entire crypto ecosystem. We expect the market to adjust before the halving and then expect the overall bull market to continue."The analysts pointed out: "ETF fund flows are reflexive - higher in uptrends and slower in weaker price trends." However, given Bitcoin's historical consolidation before halving and considering its recent rise after a significant net inflow since the launch of the Bitcoin spot ETF on January 11, the recent price trend is not surprising. The analysts wrote: "This correction seems healthy and does not affect our cross-cycle view that Bitcoin will reach a cycle high of $150,000 in 2025."

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