Analysts at research and brokerage firm Bernstein expect bitcoin to resume its bullish trajectory post-halving, reiterating their target of $150,000 by the end of 2025.

“We expect bitcoin's bullish trajectory to resume post-halving, when the mining hash rates have adjusted and ETF inflows resume back (negative to flat flows last 10 days),” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Wednesday. “Further, integration of spot bitcoin ETFs with wirehouses, RIAs will continue to provide structural demand for bitcoin, in our view. We continue to expect bitcoin to touch a cycle high of $150,000 by 2025.”

This view mirrors that of Bloomberg ETF analyst Eric Balchunas, who told The Block last month that making the spot bitcoin exchange-traded funds accessible on significant …