Bernstein research firm has revised its Bitcoin price forecast. Analysts now expect the cryptocurrency to hit $200,000 by 2025. This is up from their previous target of $150,000.

The prediction is based on anticipated spot Bitcoin ETF inflows. Analysts project these ETFs will hold 7% of circulating Bitcoin supply by 2025.

"Bitcoin ETFs are nearing approvals at major wirehouses and private bank platforms in Q3/Q4," wrote analysts Gautam Chhugani and Mahika Sapra. They view institutional basis trade as a catalyst for adoption.

Currently, 80% of spot Bitcoin ETF flows come from retail investors. Institutional investors are still late to the party.

Net new flows into Bitcoin ETFs have reached $15 billion. But analysts expect this figure to grow significantly. And their most bold predictions assume that by 2025, ETFs will hold 7% of Bitcoin supply. By 2033 this indicator could go to insane 15%.

It will translate into new price levels. Bitcoin price to hit $200,000 by 2025 and $1 million by 2033, analysts claim.

Bernstein forecasts spot Bitcoin ETF assets under management to reach $190 billion by 2025. They predict this could grow to $3 trillion by 2033.

The analysts believe Bitcoin has entered a new bull market cycle. This is driven by the recent halving event, which reduces miner sell pressure.

"We believe Bitcoin is in a new bull cycle," the analysts stated.