Bernstein Report: Bitcoin's current adjustment provides a buying opportunity before the halving

ChainCatcher news, according to The Block, Wall Street investment bank Bernstein analysts Gautam Chhugani and Mahika Sapra wrote in a report to clients on Tuesday: "We believe that Bitcoin's current consolidation phase is temporary and provides a buying opportunity before the Bitcoin halving. We still believe there is an 18-month cross-cycle opportunity for Bitcoin and the entire crypto ecosystem. The market is expected to adjust before the halving, after which an overall bull market is anticipated to continue."

The analysts noted: "The flow of funds into ETFs is reflexive—higher when prices are rising, slower when price movements are weak." However, given that Bitcoin's price movements have historically consolidated before halvings, and considering the significant net inflows it experienced before the approval of the Bitcoin spot ETF and since its launch on January 11, the recent price movements are not surprising. The analysts wrote: "This pullback seems healthy and does not affect our cross-cycle view that Bitcoin will reach a cyclical high of $150,000 by 2025."