From Nasdaq: 2024-06-20 14:55:29

According to analyst Gautam Chhugani, Bitcoin and related crypto stocks are currently undervalued and poised for a major rally. Chhugani has raised his Bitcoin price target to $200K by 2025, $500K by 2029, and $1M by 2033, citing past regulatory challenges as the reason for market pessimism.

Despite skepticism, Chhugani believes that Bitcoin ETFs will gain approval at major financial institutions in Q3 or Q4. This approval is expected to drive significant inflows into Bitcoin ETFs, especially as large advisers begin endorsing them and increasing allocations within portfolios.

With a 70% success rate on crypto stock calls, Chhugani recently initiated coverage of MicroStrategy stock with a Buy rating and a $2,890 price target. He highlighted MicroStrategy’s leveraged Bitcoin investment strategy as a key factor in his bullish outlook, in addition to Bitcoin’s potential to hit his $200K price target.

Using TipRanks’ technical analysis tool, Bitcoin currently has a neutral outlook with nine bullish indicators, two neutral indicators, and 11 bearish indicators. This suggests a mixed sentiment among investors and analysts regarding Bitcoin’s future performance.

Read more at Nasdaq: Bernstein Analyst: Bitcoin Is Primed for a Major Rally