Bernstein on Tuesday hoisted its bitcoin price target to $90,000 by the end of the year, up from the prior outlook of $80,000, according to a Thursday research note first reported by CoinDesk. The firm also raised its outlook on cryptocurrency mining stocks, based on bitcoin’s run-up near $74,000 and positive reception to the new spot bitcoin ETFs.
“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.” analysts Gautam Chhugani and Mahika Sapra wrote.
Bernstein now expects a 7% decrease in hashrate following the upcoming halving event in April due to shutdowns and consolidation, down from a 15% decline previously. Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain.
Bernstein raised its price target for outperform-rated CleanSpark (CLSK) to $30 from $14.20, trimmed its price target for outperform-rated Riot Platforms (RIOT) to $22 from $22.50, and increased its Marathon Digital (market-perform) price target to $23 from $14.30. The report also noted that Riot and CleanSpark are set to emerge as leaders in the sector, as the largest miners with the largest self-mining capacity.
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