Bitcoin Will Reach $150,000 By Mid-2025, Predicts Bernstein

• Analysts from Bernstein predict that 9 to 10% of Bitcoin's total supply will be held within ETFs by 2028.
• They believe that Bitcoin's price will reach $150,000 by 2025 due to the upcoming "halving" and potential spot ETF approvals.
• Bernstein's analysis is based on the marginal production cost for miners, which they consider as the price floor for each new cycle.
• The Bitcoin 4-year cycle theory is subscribed to, suggesting that Bitcoin's price moves in 4-year patterns related to its issuance schedule.
• The upcoming halving in April is expected to reduce issuance from 6.25 BTC to 3.125 BTC per block, leading to reduced sell pressure and new demand catalysts.
• In previous cycles, Bitcoin's price has exceeded its marginal production cost by multiples, but Bernstein expects it to top out at 1.5x its marginal cost of production in mid-2025.
• Bernstein anticipates a surge in demand for BTC after a potential U.S. Bitcoin spot ETF approval, with over 9% of spot BTC in circulation held within ETFs by 2028.
• Some analysts suggest that the halving and ETF approval could negatively impact Bitcoin mining companies, but Bernstein dismisses these concerns, expecting a new BTC price cycle to boost miner revenues.

The overall sentiment of the article is positive. The analysts from Bernstein are optimistic about Bitcoin's future price and the potential impact of ETFs and the halving on its value. They dismiss concerns about the impact on mining companies and believe that a new BTC price cycle will benefit miners.