Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Bernstein Says Bitcoin and Crypto Poised for Epic Rally

Published 2023-09-06, 04:07 a/m
© Reuters.  Bernstein Says Bitcoin and Crypto Poised for Epic Rally
BLK
-
IVZ
-
WT
-
BTC/USD
-

U.Today - According to , the cryptocurrency market, led by Bitcoin, is poised for an unprecedented rally.

The firm suggests that last week's crucial court decision favoring in its lawsuit against the U.S. Securities and Exchange Commission (SEC) has set the stage for this upswing.

Unlike previous rallies driven primarily by retail investors, Bernstein indicates that institutions are expected to lead the charge this time.

The firm attributes the slower yet more robust buildup to increased regulatory clarity and a more strategic influx of long-term institutional investors.

Short-lived price surge

In recent weeks, and other cryptocurrencies have displayed rather underwhelming price action despite multiple positive catalysts. Bernstein's Gautam Chhugani suggests that the market's lack of an immediate response should not be seen as a failure to advance.

Last week, the flagship cryptocurrency briefly shot up over 7% following the favorable ruling for Grayscale. However, the gains were short-lived, and the crypto king retreated to below $26,000.

Bitcoin ETF odds rise

Valkyrie CIO Steven McClurg on the ETF race, stating that there is a "greater than 50% chance" that the SEC will approve a spot Bitcoin ETF this year.

This comes after the SEC delayed decisions on ETF applications from prominent firms such as Blackrock (NYSE:BLK), Valkyrie, WisdomTree and Invesco. With deadlines for these decisions looming on Oct. 16 and 17, industry watchers are keenly awaiting the SEC's next moves.

As , Bernstein estimated that a Bitcoin ETF, if approved, could make up to 10% of the cryptocurrency's market value within the next three years.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.