Bitcoin retraces after surpassing 80 thousand dollars, major target from Bernstein
In the cryptocurrency market, Bitcoin stabilized around 78 thousand dollars after crossing the 80 thousand dollar threshold, while Bernstein shared its long-term forecast.
After surpassing the 80 thousand dollar level, Bitcoin gave back some of its gains and stabilized around 78 thousand dollars. As US inflation data affected the markets, Bernstein announced its long-term Bitcoin price target as 300 thousand dollars.
Latest Situation on Bitcoin Price
Rising above 80 thousand dollars in previous sessions, Bitcoin recorded a 0.2 percent increase on Wednesday and traded at the 78 thousand 739 dollar level.
Impact of US Inflation Data
In the US, the PCE price index closely monitored by the Federal Reserve increased by 0.2 percent monthly and 3.7 percent annually in July. These inflation data coming in above expectations increased uncertainty in the markets.
Bernstein's Long-Term Targets
According to the base scenario of Bernstein analysts, the cryptocurrency is projected to reach 125 thousand dollars by the end of 2026, 150 thousand dollars by mid-2027, and approximately 300 thousand dollars at the cycle peak in 2029.
Developments in the Altcoin Market
While activity was experienced across the general cryptocurrency market, Ethereum rose by 2.5 percent to 2 thousand 501 dollars. On the other hand, XRP declined by 3.1 percent down to 1.3952 dollars.