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Bernstein Says Bitcoin and Crypto Poised for Epic Rally

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Wed, 6/09/2023 - 8:07
Bernstein Says Bitcoin and Crypto Poised for Epic Rally
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According to financial research firm Bernstein, the cryptocurrency market, led by Bitcoin, is poised for an unprecedented rally. 

The firm suggests that last week's crucial court decision favoring Grayscale 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, Bitcoin 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.

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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 has also commented 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, 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 reported by U.Today, Bernstein estimated that a Bitcoin ETF, if approved, could make up to 10% of the cryptocurrency's market value within the next three years.

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