Bitcoin (BTC) has dropped below its November 2021 high of $69,044 after reaching nearly $74,000 in March, but some analysts remain optimistic about the cryptocurrency.

Global investment firm Bernstein stated in a Monday note that Bitcoin is on track to reach $150,000 by the end of 2025, or possibly sooner.

Bernstein Upholds $150,000 Bitcoin Prediction

Despite recent stagnation, broker Bernstein maintains that Bitcoin has significant potential left.

In a May 6 report, analysts Gautam Chhugani and Mahika Sapra expressed increased confidence in their forecast that Bitcoin will hit $150,000 by 2025. They remain optimistic despite current market conditions, predicting that Bitcoin is headed towards this milestone.

“We believe we are in the early stages of this cycle, with another 15-18 months before the market peaks,” the strategists noted.

The U.S. Securities and Exchange Commission (SEC) approved nearly a dozen spot Bitcoin ETFs in mid-January after numerous unsuccessful attempts by high-profile firms over the past decade. These ETFs have attracted substantial investments, with hundreds of millions of dollars flowing into them daily.

Bitcoin reached an all-time high of $73,737 two months ago but recently fell to below $57,000. As of now, it is trading at $63,962 according to CoinGecko.

Bernstein noted that the recent dip to just under $57,000 helped reduce excess leverage on futures contracts, suggesting a positive outlook for Bitcoin's future.

Is a Bull Market on the Horizon?

Bernstein analysts also observed that spot Bitcoin ETFs have seen cumulative net inflows after eight consecutive days of outflows. Even Grayscale’s GBTC ETF, which had significant losses since January, reversed its trend with a net inflow of $63 million over the weekend.

GBTC had a second inflow of $3.9 million on May 6, totaling $66.9 million. “This is notable given GBTC has been a major source of selling pressure, which the new ETFs have absorbed,” the analysts explained.

They argued that continued demand for ETF products will likely drive Bitcoin's price higher.

Other industry experts also foresee a $150,000 target. British multinational bank Standard Chartered predicted in April that the popularity of ETFs, included in broader macro funds, will push Bitcoin to $150,000 by the end of 2024.