Bernstein, a leading trading firm, increased its bullish year-end price projection for Bitcoin to $90,000 from $80,000. This move reflects a more bullish assessment of the impact of hashrate halving and the overall state of the cryptocurrencycurrency industry.
Bernstein boosts Bitcoin price prediction from $80k to $90k by year-end, citing strong ETF flow & record mining income. Sees potential for mining stocks despite expected 7% fall in computing power. #Bitcoin #Bernstein #MiningStocks @panewslab
— Sharpe Signals (@SharpeSignals) March 21, 2024The business had initially predicted a 15% fall in hashrate following Bitcoin’s halving. Recent analyses, however, suggest a less impact a 7% decline is expected. This correction indicates that Bitcoin miners are more resilient than previously anticipated, implying a bullish trend for the cryptocurrencycurrency’s price as it enters a new cycle.
Bernstein’s higher targets for well-known mining stocks indicate the company’s belief in the industry’s growth. Marathon Digital boosted their goal to $23 from $14.30, while CleanSpark increased its goal to $30 from $14.20. Riot and CleanSpark are acknowledged in the report as emerging leaders, despite a modest change for Riot Platforms, because to their substantial self-mining capabilities.
Bernstein’s views give investors with compelling reasons to consider investing in Bitcoin and associated stocks as the cryptocurrencycurrency approaches its next halving. The cryptocurrency cycle appears to be primed for its next big rise, with massive ETF inflows and aggressive capacity expansions, making Bitcoin miners an enticing investment option.
Read also: Ethereum Price Analysis Indicates $5.4K Target for 2024
