Wall Street Giant Bernstein Predicts Bitcoin Price To Hit $1 Million By 2033

Standard Chartered and Bernstein have revised their Bitcoin price targets, with Standard Chartered lowering its forecast to $100,000 by year-end, while Bernstein maintains a long-term bullish outlook, predicting Bitcoin could reach $1 million by 2033. This adjustment comes amid recent declines in Bitcoin's price and ETF outflows, reflecting shifting institutional demand.

Bitcoin has surpassed the $94,000 mark, indicating a potential resurgence in the BTC bull run. However, concerns arise regarding the volume data, which may affect the sustainability of this upward movement. Market participants are closely monitoring whether the bulls can maintain the momentum needed for further gains.

The Bitwise 10 Crypto Index ETF has officially debuted on NYSE Arca, providing investors with exposure to major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and XRP through a market-cap weighted fund. This launch represents a significant milestone in the growing acceptance of cryptocurrency investment vehicles in traditional finance.

Anchor Mining has gained attention as users reportedly earned up to $3,977 daily from stable hashrate output, coinciding with expectations of a Bitcoin (BTC) rebound despite its recent decline. Major institutions, including JPMorgan, continue to predict a swift recovery for BTC once market pressures ease.

Malaysia’s crown prince has launched a new stablecoin on the Zetrix platform, backed by the Malaysian ringgit, alongside a digital asset treasury valued at $121 million, inspired by MicroStrategy. This initiative aims to enhance the country's cryptocurrency landscape amid ongoing sector concerns.

Bitcoin's perpetual futures market has seen a notable decline in open interest, remaining below 310K BTC since October's liquidation, indicating a significant reduction in leverage and speculative trading activity. This trend reflects a broader downturn in market engagement as traders exhibit caution.

Grayscale has posited that Bitcoin's market structure has evolved beyond its traditional four-year cycle, suggesting that institutional flows and macroeconomic dynamics are now more influential in determining BTC's price behavior. This perspective marks a significant shift in how Bitcoin's market trends are analyzed.

Bitcoin's price has struggled to surpass the $92,000 mark, indicating potential exhaustion following a recent rally. The lack of strong trading volume raises concerns about the sustainability of this upward movement, suggesting a bearish dead-cat bounce in the market.