English
Home » Bitcoin » Bitcoin set to reach $90,000 by year-end, forecast Bernstein analysts

Bitcoin set to reach $90,000 by year-end, forecast Bernstein analysts

by

Analysts find Bitcoin miners an attractive investment amid a new bull cycle.

Bitcoin forecast

Share this article

After a strong start to the year with a 55% price increase (per TradingView data), Bitcoin (BTC) could be poised for even greater gains. Analysts at Bernstein predict a bullish year-end for BTC, with a price target of $90,000.

According to a Thursday research note first covered by CoinDesk, in addition to raising BTC’s year-end target from $80,000 to $90,000, analysts also saw Bitcoin miners as attractive investments for equity investors based on several positive factors like the new Bitcoin bull cycle and strong exchange-traded fund (ETF) inflows.

“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,” stated analysts Gautam Chhugani and Mahika Sapra.

Previously, Bernstein anticipated a 15% reduction in hashrate due to shutdowns following the halving. However, based on current conditions, they are revising their estimate to a 7% reduction.

“We assume a 7% reduction in hashrate post halving from shutdowns versus 15% earlier,” wrote analysts.

Bernstein boosted its price target for CleanSpark (CLSK) to $30, a jump from $14.2. Analysts maintained their bullish outlook. CLSK stock rose 2.6% on Thursday, adding to its impressive weekly and year-to-date gains with nearly 20% and 88% increases, respectively.

On the other hand, Bernstein lowered the price target for Riot Platforms (RIOT) to $22 from $22.50. The stock price dipped over 3% on Thursday and is down 12.5% for the month.

While maintaining a neutral outlook on Marathon Digital (MARA), Bernstein raised its price target for the stock to $23, up from $14.3. MARA stock’s closing price on Thursday was down almost 3%.

Elsewhere, data from Spot on Chain reveals that spot Bitcoin ETFs have experienced negative inflows for a third consecutive day. BitMEX Research’s latest insights highlight a significant outflow from Grayscale’s Bitcoin trust. The product has bled $359 million today and a staggering $13 billion since its launch.

According to TradingView’s data, BTC is currently hovering around the $65,800 mark, up over 55% year-to-date.

Share this article

Disclaimer