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Prepare for a Bitcoin FOMO rally to record highs - Bernstein

Published Feb 12, 2024 07:21AM ET
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© Reuters Prepare for a Bitcoin FOMO rally to record highs - Bernstein
 
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On Friday, Bitcoin crossed the $48,000 mark, registering a 13% increase over the past week and edging closer to the key $50,000 resistance level.

Despite a significant upturn in 2023, with a 160% increase, and maintaining resilience in 2024, the current interest in Bitcoin still falls short of the peaks seen in 2017 and 2021.

However, Bitcoin’s best days are yet to happen as the ETF-driven market fuels fears of missing out (FOMO), Bernstein analysts said in a note. In this context, they believe BTC is well-placed to soar to new record highs.

The analysts observed that Bitcoin ETFs are becoming clear price catalysts for Bitcoin.

They note a significant decrease in Grayscale Bitcoin Trust’s outflows, now down to approximately $50 million, while new ETFs have attracted close to $1 billion in the last two trading days.

This shift has markedly improved market sentiment and while the market swiftly reacted to news of ETF approvals, it has yet to fully account for the inflows into funds and the impending scarcity of supply.

“We believe, the money is still coming from the ‘believers’, who have discovered an easy way to get Bitcoin in their broker accounts via the ETFs,” the analysts said.

Meanwhile, the disbelievers remain hesitant. It appears that the initial interest in Bitcoin is coming from new investors who, while not yet investing, are keen to learn more about it.

Bernstein’s initial forecast anticipated a rally in Bitcoin's value after its halving event. Yet, considering the extraordinary success of the ETF launch—the best in 30 years—and the continuous inflow into ETFs, they now expect a significant Bitcoin rally to occur before the halving.

Therefore, those considering investment in Bitcoin mining companies, and awaiting to assess the risks post-halving, are advised to pick their preferred companies now and maintain their investments through the halving event in April 2024, analysts commented.

Bernstein’s top picks in this category are Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK).

Prepare for a Bitcoin FOMO rally to record highs - Bernstein
 

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Comments (8)
Barry Nickerson
Subbuilder Feb 13, 2024 5:52AM ET
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Hurry up, chumps. We want to cash in at $50,000, but we need your help.
Evan Williams
Evan Williams Feb 12, 2024 6:54PM ET
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FOMO? First Out Misses Obituary?
Ernie Keebler
Ernie Keebler Feb 12, 2024 9:13AM ET
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Bitcoin along with other crypto is a diminishing fad and the recent etf's will only result in a partial retracement of previous highs, the new darling is IA for a,while as it is,getting long in the tooth also
Daniel Pozos
Daniel Pozos Feb 12, 2024 9:13AM ET
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Did you mean AI?
Razvan Alex
Razvan Alex Feb 12, 2024 9:13AM ET
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Wrong.
Jan Buyle
Jan Buyle Feb 12, 2024 9:08AM ET
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Looks like big money wants to dump their BTC with naive retailers again... that's what I think when I read this...
Ge K
Ge K Feb 12, 2024 9:01AM ET
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Bitgarbage
me ish
me ish Feb 12, 2024 9:01AM ET
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Bernstein help to fleece the retail investors with mention of a fomo rally, whilst the whales and smart money are selling - major drop in bitcoin incoming over the next few weeks
Riccardo Antonucci
Riccardo Antonucci Feb 12, 2024 8:52AM ET
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Mara is the biggest holding and higher hash , is the better and safer pick you can do in mining space .
Dark Ness
Dark Ness Feb 12, 2024 8:50AM ET
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Darkness
 
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