Bernstein expects bitcoin’s bullish trajectory to resume post-halving

Analysts at research and brokerage firm Bernstein expect bitcoin to resume its bullish trajectory post-halving, reiterating their target of $150,000 by the end of 2025.

Balchunas expects the spot bitcoin ETFs to land on such platforms in the next few months, also identifying options trading for the ETFs as another major catalyst.Historically, Bitcoin halvings have been associated with significant fluctuations in the cryptocurrency's price. While not a direct cause-and-effect relationship, these events have often preceded substantial bull runs in the bitcoin market.

“Historically, a bitcoin price breakout has always followed the halving event and sometimes a few months after halving. However, in the current 2024 cycle, the ETF approvals in January led to strong price appreciation pre-halving . Only in the last 10 days with slower ETF inflows , has bitcoin corrected ~15%,” they said.

Bernstein expects around 7% of the network hash rate to shut down post-halving as less efficient mining operations become unprofitable and the industry consolidates toward four leading public miners: CleanSpark, Marathon, Riot Platforms and Cipher Mining.

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