Bitcoin Is Expected to Reach $90,000 by Year-End, Bernstein Analysts Predict – TradingView News

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

According to a Thursday research note first covered by CoinDesk, analysts not only saw BTC's year-end target of $80,000 to $90,000, but also saw Bitcoin miners as attractive investments for stock investors based on several positive factors such as the new one Bitcoin bull cycle and the strong stock market inflows from traded funds (ETF).

“With a new Bitcoin bull cycle, strong ETF inflows, aggressive miner capacity expansion, and record-breaking miner dollar revenues, we continue to view Bitcoin miners as attractive buys for equity investors looking to participate in the crypto cycle,” the analysts explained Gautam Chhugani and Mahika Sapra.

Previously, Bernstein had expected a 15% drop in computing power due to shutdowns following the halving. However, due to current conditions, they are revising their estimate and assuming a 7% reduction.

“We expect a 7% drop in computing power following the halving due to shutdowns, down from 15% before,” analysts wrote.

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

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

Bernstein maintained his neutral outlook on Marathon Digital (MARA) and increased his price target on the stock to $23 from $14.3. MARA stock's closing price fell nearly 3% on Thursday.

Elsewhere, data from Spot on Chain shows that spot Bitcoin ETFs saw negative inflows for the third day in a row. The latest findings from BitMEX Research highlight a significant outflow from Grayscale’s Bitcoin trust. The product cost $359 million today and a staggering $13 billion since its launch.

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

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