Bitcoin

Impact

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bernstein analysts have increased their year-end Bitcoin price prediction to $90,000, up from $80,000.</li>
 <li>They expect the upcoming Bitcoin halving to have a ‘mild’ impact on miners due to favorable market conditions.</li>
</ul>
<p>Bernstein, a research and brokerage firm, has revised its year-end price target for <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> to $90,000, up from $80,000.</p>
<p>The analysts predict a cycle high of $150,000 for Bitcoin in the 2024-2025 period.</p>
<h2 id="upcoming-bitcoin-halving">Upcoming Bitcoin Halving</h2>
<p>They believe the impending Bitcoin halving will have less of an effect on miners than previous halvings.</p>
<p>This is due to strong ETF inflows, low miner leverage, and strong network transaction fees.</p>
<p>The next Bitcoin halving is expected to take place on April 20, reducing the miners’ reward from 6.25 BTC to 3.125 BTC per block.</p>
<p>This could make some mining operations unprofitable.</p>
<h2 id="efficient-miners-to-benefit">Efficient Miners to Benefit</h2>
<p>However, the analysts forecast a smaller decline in the network hashrate than in previous halvings.</p>
<p>They think this will benefit more efficient, lower-cost miners like CleanSpark and Riot Platforms, allowing them to gain market share post-halving.</p>
<p>These firms, along with Marathon Digital, are expected to become leaders in the space due to their self-mining capacity and liquidity.</p>
<p>Investing in Bitcoin miners is seen as the best equity proxy for the cryptocurrency, with the top three U.S. listed miners controlling about 10% of the total network hashrate.</p>
<p>Bernstein analysts have given CleanSpark and Riot Platforms an outperform rating, with price targets of $30 and $22 respectively.</p>
<p>Marathon was given a market-perform rating with a target of $23.</p>
<h2 id="dip-buying-opportunity">Dip Buying Opportunity</h2>
<p>The analysts also view the recent $10,000 drop in Bitcoin’s price from its all-time high as a temporary buying opportunity ahead of the halving.</p>
<p>They anticipate the market will consolidate prior to the halving and then the overall bull market will continue.</p>
<p>Bitcoin is currently trading at $66,845, up 5% over the past 24 hours but down 6.5% over the past week.</p>
<p>It has gained around 58% year-to-date.</p>

Bernstein Upgrades Bitcoin’s Year-End Projection to $90K, Predicts Minor Impact on Miners

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