According to Bernstein analysts, BTC is on track to hit a new all-time high in 2024, potentially reaching $150,000 by 2025.

"We are embarking on a new crypto era with unprecedented mainstream institutional adoption, driving capital from traditional to crypto markets.," the analysts stated.

They cited favorable macro conditions with peaking rates, declining inflation, and global stimulus possibilities in a major election year. Bernstein remains highly bullish on Bitcoin and mining stocks.

The analysts expect major asset managers to launch Bitcoin ETFs within weeks. Despite potential "sell the news" price dips, they urge focusing on BTC's long-term catalysts like the halving, fee economics, and ETF promotion.

"Don't sell the news, buy the dip," they advised, as "selling news" may mean missing multi-bagger gains ahead.

Much larger than expected corporate treasury demand could also propel 2024-2025 prices higher.

Bernstein expects Bitcoin to touch new highs after the 2024 halving and potentially close 2024 around $80K based on marginal cost modeling. Their 2025 top estimate remains $150K.

Additionally, they predict crypto equities mainstream adoption in 2024 as bears get squeezed amid short interest while equity investors feel underexposed.

ETH may be the only non-BTC asset getting a spot ETF, positioning it as the primary blockchain tech asset, Bernstein added.