Bitcoin (BTC) is projected to achieve $200.000 by the end of next year, increasing from the $150.000 price target last year.

Investment and research firm Bernstein Research has projected that Bitcoin, being the oldest and largest cryptocurrency in the world, is bound to hit the $200,000 mark by the end of next year. This projection comes as an increase from the $150,000 price target set by Bernstein last year.

Several key factors are said to be contributing to this anticipated surge in Bitcoin price. These include the upcoming U.S. election, the level of institutional demand and adoption, and potential shifts in regulatory landscape.

If Donald Trump wins the presidential race on Nov. 5, there are speculations that the chair of the Securities and Exchange Commission (SEC) and the Secretary of Treasury will be filled by pro-crypto personalities.

Among those being considered for the roles are Howard Lutnick, CEO of Cantor Fitzgerald, and Scott Bessent, founder of Key Square Group, who might be replacing Janet Yellen as cash-keeper.

Another factor that is expected to boost Bitcoin price is the increasing institutional demand, with several major companies acquiring Bitcoin or any crypto-related product like an exchange-traded fund (ETF).

The latest move was seen from Goldman Sachs, which upped its stake in BlackRock's Spot Bitcoin ETF, iShares Bitcoin Trust ETF (IBIT), to the tune of $710 million.

Further, U.S. Republican Senator Cynthia Lummis introduced the Bitcoin Act and the Bitcoin Strategic Reserve plan, which would introduce Bitcoin as a financial reserve in addition to gold.

Bernstein analysts also projected that Bitcoin ETF would account for roughly 15% of the “digital gold” circulating supply by 2033. This, in relation to Bitcoin price, could lead to a surge to over $500,000 by the end of 2029 and $1 million by the end of 2033.

“We believe that the U.S. regulated ETFs were the watershed moment for crypto that brought in structural demand from traditional pools of capital,” Bernstein's analysts Gautam Chhugani and Mahika Sapra noted.

Since being introduced in mid-January this year, Bitcoin spot ETFs have attracted around $28 billion in inflows, according to CoinMarketCap data. This move has also prompted other countries to launch similar products in their respective markets.

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