Global asset management firm Bernstein has significantly raised its Bitcoin price forecast, with analysts predicting the cryptocurrency could reach $200,000 by 2025, $500,000 by 2029, and $1 million by 2033. In a report released Friday, analysts Gautam Chhugani and Mahika Sapra stated: “We believe Bitcoin is in a new bull cycle.” The revised outlook marks an increase from their previous cycle high estimate of $150,000.
ETF Demand Drives Structural Shift
The bullish revision is largely attributed to the strong demand for spot Bitcoin exchange-traded funds (ETFs) in the U.S. “We believe that U.S. regulated ETFs were a watershed moment for crypto, bringing in structural demand from traditional pools of capital,” the analysts noted. They estimate that by 2025, Bitcoin ETFs will hold approximately 7% of the circulating BTC supply, rising to 15% by 2033. The steady inflow from ETFs is reshaping Bitcoin’s supply-demand dynamics, providing consistent buying pressure.
Halving Reduces Natural Selling Pressure
The report also emphasizes the impact of Bitcoin’s halving events. Analysts explained that the halving reduces natural sell-pressure from miners by half, or even more, as miners tend to hold onto more Bitcoin in anticipation of price appreciation. Simultaneously, new demand catalysts emerge—such as institutional allocation and safe-haven demand amid macroeconomic uncertainty—leading to exponential price increases. “We believe Bitcoin is in a new bull cycle,” the analysts reiterated.
Bernstein’s forecast injects strong optimism into the cryptocurrency market. At press time, Bitcoin is trading around $66,000, implying roughly a 200% upside to the 2025 target. Market participants are closely watching ETF flows and macroeconomic conditions to validate whether this aggressive prediction will materialize.