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As the “miner fear factor” peaks with the upcoming bitcoin halving expected around April 19-20, leading brokerage Bernstein encourages investment in standout mining companies Riot Platforms (RIOT) and CleanSpark (CLSK). Bernstein’s recent report highlights their strategic position as market leaders in self-mining hashrate, predicting significant market rewards post-halving. Despite the pre-halving jitters affecting mining stocks, which have seen underperformance relative to bitcoin, the expected decrease in mining rewards is seen as a temporary setback before a major upswing.
Bernstein analysts Gautam Chhugani and Mahika Sapra remain optimistic about bitcoin’s potential, citing historical trends where price surges followed past halvings. This cycle already shows promise with strong bitcoin appreciation early in the year, driven by ETF approvals. While recent weeks have seen a 15% drop due to slower ETF inflows, Bernstein forecasts a bullish rebound post-halving as mining efforts adjust and ETF inflows pick up. Additionally, the ongoing rollout of spot bitcoin ETFs by wirehouses and RIAs is anticipated to sustainably bolster bitcoin demand, with projections pointing towards a cycle high of $150,000 by 2025.
