Global investment firm AllianceBernstein says it “remains convinced” that Bitcoin is on a path to huge price increases over the coming years—even betting that the world’s top cryptocurrency will hit $1 million per token within the next decade. 

In a research note published this week, Bernstein analysts doubled down on their conviction that Bitcoin is destined to hit $500,000 by 2029, and $1 million by late 2033. Further, they asserted that BTC is currently only at the early stage of an impending bull cycle, which will lift the token to $200,000 by mid-2025. 

What’s the cause for such bullishness? For one, Bernstein predicts that spot Bitcoin ETFs are on the verge of a major wave of further adoption by traditional finance behemoths. The analysts think such an embrace could come within months.

“We see Bitcoin ETFs as on the cusp of approvals at major wirehouses/large private bank platforms in Q3/Q4,” Bernstein analysts Gautam Chhugani and Mahika Sapra wrote. “The institutional basis trade looks like the ‘trojan horse’ for adoption, and these investors are in the process of evaluating ‘net long’ positions as they get comfortable with the improving ETF liquidity.”

Further, the analysts determined that past Bitcoin price cycles indicate the token is due for imminent, massive price growth—which has yet to materialize after Bitcoin’s most recent halving event in April. 

The analysts compare Bitcoin’s current position to when the coin hovered under $10,000 in the summer of 2020. Months later, BTC shot past $60,000. 

“We believe a new cycle commencing with halving is not a coincidence, but driven by unique demand—supply dynamics, and that we are on the verge of a new cycle,” the analysts wrote. 

Last week, Bernstein published a similar report expounding on Bitcoin’s potential to surge to unprecedented highs in the coming months and years. 

In the intervening days, BTC has experienced substantial volatility, swinging below $65,000 and back again in repeated movements that triggered hundreds of millions of dollars worth of liquidations. 

BTC sits at $64,815 at writing. It is down nearly 4% over the last week. 

Edited by Andrew Hayward