The recent slide in Bitcoin prices did not deter Bernstein from raising its year-end forecast on Thursday. This news caused a swift rally in cryptocurrency prices and related stocks.
According to a research note first reported by CoinDesk, Bernstein increased its Bitcoin price target to $90,000 by the end of the year, up from the previous forecast of $80,000. The firm also raised its outlook on cryptocurrency mining stocks, citing Bitcoin’s surge near $74,000 and positive reception to new spot Bitcoin ETFs.
Analysts Gautam Chhugani and Mahika Sapra explained, “With a new Bitcoin bull cycle, strong ETF inflows, aggressive miner capacity expansion, and all-time high miner dollar revenues, we continue to find Bitcoin miners compelling buys for equity investors seeking exposure to the crypto cycle.”
Bernstein expects a 7% decrease in hash rate after the upcoming halving event in April, down from the prior forecast of a 15% decline. The hash rate is the computational power required to mine Bitcoin.
The firm adjusted its price targets on various stocks, with CleanSpark (CLSK) seeing an increase to $30 from $14.20, Riot Platforms (RIOT) lowered to $22 from $22.50, and Marathon Digital (MARA) raised to $23 from $14.30.
While CLSK stock and CleanSpark have seen significant gains, RIOT and MARA stocks have experienced some declines. Bitcoin’s price remains around $65,000, with MicroStrategy (MSTR) and Coinbase Global (COIN) seeing positive movement.
It is clear that despite recent fluctuations, the cryptocurrency market continues to show resilience and growth potential. Stay informed by following our updates on Twitter and reading our recommendations for tracking cryptocurrency prices and finding market winners.
For more insights and analysis on this evolving market, stay tuned to our blog for the latest news and trends in the world of cryptocurrency and Bitcoin investments. Remember to follow us on social media for more updates and insights into the market.
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