Cryptocurrency investors often focus on short-term gains, but analysts are predicting a bright future for Bitcoin. Bernstein analysts Gautam Chhugani and Mahika Sapra have revised their target price for Bitcoin to $200,000 by the end of next year, up from their previous estimate of $150,000. This prediction is based on the assumption that approximately 7% of Bitcoin's circulating supply will be held in ETF reserves.

The approval of Spot Bitcoin ETFs is expected to lead to a surge in institutional investment, which will drive up the price of Bitcoin. Currently, 80% of ETF flows come from individual investors, leaving room for institutional investors to enter the market. By 2025, analysts predict that Bitcoin ETFs will account for 7% of the circulating Bitcoin supply, increasing to 15% by 2033.

The experts believe that Bitcoin is entering a new bull cycle, driven by the upcoming "halving" event, which will reduce the natural selling pressure from miners. This, combined with new catalysts for demand, will lead to exponential price movements. By 2025, the total accumulation of Spot Bitcoin ETFs is expected to reach $190 billion, peaking at $3 trillion in 2033.

The analysts' predictions are based on the assumption that Bitcoin ETFs will be approved on major brokerage and private bank platforms in the third or fourth quarter of this year. This will lead to a surge in institutional trading, driving up the price of Bitcoin.

In conclusion, the approval of Bitcoin ETFs is expected to lead to a significant increase in the price of Bitcoin, driven by institutional investment. With a predicted price target of $200,000 by the end of next year, Bitcoin is expected to enter a new bull cycle, driven by the "halving" event and new demand catalysts. As the market continues to evolve, it will be important to watch for signs of institutional investment and the impact on the price of Bitcoin.