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Bernstein, a leading research and brokerage firm, has notably increased its year-end prediction for Bitcoin, adjusting the target from $80,000 to an impressive $90,000. This adjustment comes in light of positive changes in market dynamics, signaling a bullish outlook for the cryptocurrency.
Looking ahead, Bernstein analysts project Bitcoin could soar to $150,000 in the 2024-2025 cycle. They anticipate the forthcoming Bitcoin halving, slated for April 20, to exert a lesser impact on mining activities than prior events, largely due to favorable market conditions including significant ETF inflows and high network transaction fees.
Moreover, the analysis predicts a lesser decline in the network’s hashrate post-halving, estimating only a 7% reduction compared to the previous forecasts of 15-20%. Efficient miners, especially CleanSpark and Riot Platforms, are expected to gain significant market share and emerge as leaders in the space, benefiting from their low-cost operations.
Bernstein has given a positive outlook on investing in Bitcoin miners as a proxy for the cryptocurrency, highlighting the significant role of the top U.S. miners in the market. With a bullish view on the sector, Bernstein’s updated price targets reflect a confident stance on Bitcoin’s future growth.
