Bitcoin ETF slowdown is a short-term pause not the beginning of a negative trend, the report said.
Broker’s expectation of a bitcoin high of $150,000 by 2025 remains the same.
The bitcoin mining cycle remains healthy after the halving, Bernstein said.
The broker notes that the world’s largest cryptocurrency has been range-bound in terms of price, with no clear momentum on either side following the halving.
“There is a natural gestation time to bitcoin becoming an acceptable portfolio allocation recommendation and the platforms establishing the compliance framework to sell bitcoin ETF products,” analysts Gautam Chhugani and Mahika Sapra wrote.
Bernstein says its expectation of a bitcoin cycle high by 2025 of $150,000 remains the same, as the “unprecedented ETF demand inflows have further reinforced our conviction.”
The bitcoin mining cycle remains healthy after the halving, with the leading players continuing to consolidate market shares, the report said.
Bitcoin network fees have normalized at a healthy 10% of miners revenues having spiked post the halving, the report added.
The quadrennial reward halving took place earlier this month and slowed the rate of growth in bitcoin supply.
