According to a report by “The Block,” analysts from research and brokerage firm Bernstein believe that the recent price correction of Bitcoin presents a temporary buying opportunity and predict that the market will enter a consolidation phase before continuing its bull run after the Bitcoin halving. The analysts maintain their view that Bitcoin will reach $150,000 next year.
Bernstein analysts state that the recent pullback of Bitcoin from its all-time high of over $73,000 to around $63,000 represents a temporary “buying opportunity” before the Bitcoin halving event in April.
In a report on Tuesday, analysts Gautam Chhugani and Mahika Sapra wrote:
The analysts add that they expect the market to consolidate before the halving and anticipate a continued overall bull market.
According to CoinMarketCap data, there are only 31 days left until the Bitcoin mining reward halving at the time of this article’s publication.
The US Bitcoin spot ETF remains a significant factor in the market. Grayscale’s Bitcoin spot ETF (GBTC) recorded a single-day outflow of $642.5 million on Monday, leading to a net outflow of $154.4 million for the Bitcoin spot ETF, the first net outflow since March 1.
Bernstein analysts point out that “ETF fund flows are reflexive – higher on the way up and slower in a weak price environment.” However, considering Bitcoin’s historical price patterns of consolidation before the halving, the recent price trends, along with the significant inflows since its launch on January 11, are not surprising.
Chhugani and Sapra wrote:
Price trends of Bitcoin before and after the halving during the past three bull markets, source: Bernstein
