* The broker increased its year-end Bitcoin target from $80,000 to $90,000.
* Bernstein now expects a 7% reduction in computing power following the halving through shutdowns.
* Says Bitcoin miners represent attractive buys for stock investors seeking exposure to cryptocurrencies.
Bernstein raised his year-end price forecast for Bitcoin (BTC) to $90,000 from $80,000 and updated estimates for mining stocks in his coverage, the broker said in a research note on Thursday.
“With a new Bitcoin bull cycle, strong ETF inflows, aggressive miner capacity expansion, and record miner dollar revenue, we continue to view Bitcoin miners as attractive buys for equity investors looking to participate in the crypto cycle,” the analysts wrote Gautam Chhugani and Mahika Sapra.
“We expect hashrate to decline by 7% following shutdowns after the halving, down from 15% before,” the authors wrote. Hashrate refers to the total combined computing power used to mine and process transactions on a proof-of-work blockchain. During the reward halving, which occurs every four years, mining rewards are halved. The next halving is expected in mid-April.
Bernstein raised his price target on the above-average rated CleanSpark (CLSK) from $14.20 to $30. The company lowered its price target on Outperform Rated Riot Platforms (RIOT) to $22 from $22.50 and raised its price target on Marathon Digital (Market Perform) to $23 from $14.30.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.