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

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

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

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by Vivian Nguyen

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.

ā€œWith 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,ā€ 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.

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ā€œWe assume a 7% reduction in hashrate post halving from shutdowns versus 15% earlier,ā€ 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.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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

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

by Vivian Nguyen

Share

Add us on Google

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.

ā€œWith 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,ā€ 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.

Advertisement

ā€œWe assume a 7% reduction in hashrate post halving from shutdowns versus 15% earlier,ā€ 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.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.