Despite recent modest retracements in the price of Bitcoin, analysts at Bernstein remain steadfast in their bullish outlook, doubling down on their prediction that the flagship cryptocurrency is poised to soar to $150,000 within the current market cycle, anticipated to culminate by the conclusion of 2025.

Asserting that Bitcoin's journey is far from reaching its zenith, analysts Gautam Chhugani and Mahika Sapra reiterated their optimistic stance, underlining the robust indicators supporting their ambitious forecast. In a recent note, they emphasized their conviction in the longevity of Bitcoin's upward trajectory, citing promising metrics indicative of a nascent and resilient market cycle that continues to unfold.

"We stand even more resolute in our prediction, with key metrics signaling a robust and promising cycle that remains in its early developmental stages," the analysts affirmed, buoyed by their assessment of the risk-reward profile which they deem highly favorable.

Addressing recent market dynamics, the analysts interpreted the recent corrective phase, which saw Bitcoin retreat to a local low around $57,000, as a necessary purge of excessive leverage prevalent in futures contracts across cryptocurrency exchanges. This corrective phase, they noted, served to recalibrate market conditions and fortify the underlying foundation of the asset.

Highlighting a notable shift in sentiment, the analysts pointed to the resurgence of inflows into Bitcoin exchange-traded funds (ETFs) in the United States, reversing a trend of eight consecutive days of outflows. Even Grayscale's renowned GBTC ETF witnessed a reversal of fortune, recording $63 million in net inflows on a single day, marking a significant departure from its protracted streak of outflows spanning 78 days. This reversal assumes particular significance, considering GBTC's historical role as a significant source of selling pressure, which the influx of new ETFs has had to counterbalance.

Moreover, the analysts underscored a confluence of positive indicators across various facets of the Bitcoin ecosystem. Strong inflows into ETFs over the past three months, coupled with a growing appetite among corporate treasuries to allocate capital into Bitcoin, signify a burgeoning institutional embrace of the digital asset. Additionally, the resilience of Bitcoin's hash rate post-halving, coupled with healthy transaction fees and subdued prices for mining equipment, collectively affirm a robust and thriving market environment.

As Bitcoin currently hovers above $64,400, according to data from The Block's Bitcoin Price Page, the analysts' bullish prognosis remains resolute, underscoring their unwavering confidence in Bitcoin's long-term trajectory towards substantial price appreciation.