Bitcoin (CRYPTO: BTC) has been on fire in recent months. The cryptocurrency has soared 60% since the start of 2024 as investors have rotated back into risk assets amid signs of a strong economy. Bitcoin currently traded at about $70,000, and it has a market capitalization of more than $1.3 trillion. But Gautam Chhugani and Mahika Shapra at Bernstein see more gains on the horizon.

The analysts recently revised their year-end price target to $90,000, up from $80,000, due to the tremendous demand for spot Bitcoin exchanged-traded funds (ETFs) and the impact of the halving event anticipated next month. In a note to clients, Chhugani and Shapra said 2024 would be a "breakout inflection year" for the cryptocurrency.

Investors should never fixate on short-term price targets, but what the Bernstein analysts are suggesting is quite mild compared to other forecasts floating around. For instance, Cathie Wood of Ark Invest recently said a single Bitcoin could reach $3.8 million by 2030. That estimate is based on the idea that institutional investors will eventually allocate about 5% of their assets to the cryptocurrency.

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Source Fool.com