Bitcoin

As Bitcoin’s price continues to gain momentum after experiencing a downside of over 15%, a leading brokerage firm, Bernstein, has forecast a new price prediction for the world’s biggest cryptocurrency. In their report, Bernstein increased its year-end price prediction for Bitcoin to $90,000, up from its previous estimate of $80,000.&nbsp; What is Bernstein’s Bitcoin price prediction? 
The research analysts Gautam Chhugani and Mahika Sapra outline several factors driving this bullish outlook. According to the report, Bitcoin’s bull market is back in action, fueled by robust inflows into cryptocurrency Exchange-traded funds (ETFs) and aggressive expansion in mining capacity. Additionally, the analysts highlight that miners’ revenue has reached all-time highs, further boosting confidence in the sector.
One thing they looked at closely in the report was the upcoming halving event, expected to happen in mid-April, which will impact the hashrate. Hashrate is computing power used to mine and process Bitcoin transactions. In the revised report, Bernstein anticipates a more modest 7% reduction in the post-halving hashrate, compared to their previous estimate of 15%. However, this adjustment reflects a more optimistic outlook for the stability of mining operations following the Halving event.&nbsp;
Besides Bernstein’s optimistic view andBitcoin price prediction, they have also revised the target for several mining-related stocks. According to Bernstein’s recent report, they have raised the price target for CleanSpark (CLSK) to $30, up from $14.20, indicating a bullish stance on the company’s performance. However, they have slightly adjusted downwards the price target for Riot Platforms (RIOT) to $22 from $22.50. Meanwhile, for Marathon Digital, they have increased the price target to $23 from $14.30, maintaining a market-perform rating.&nbsp; Bitcoin technical analysis and upcoming levels 
However, this forecast by <a href="https://news.todayq.com/bitcoin-bull-run-gets-confirmation-bernstein-predicts-150000/" rel="noopener noreferrer nofollow">Bernstein </a>comes today, March 21, 2024, with Bitcoin currently trading near $67,300, experiencing a price surge of over 5% in the last 24 hours. Looking at the performance of Bitcoin over a longer period, in the last 7 days, Bitcoin’s price experienced a downside momentum of over 7%, whereas in the last 30 days, it experienced a price surge of over 32%.&nbsp;
Despite all these predictions, according to our technical expert, Bitcoin is looking bullish. If we look at the chart of Bitcoin on a 4-hour time frame, Bitcoin is consolidating in a tight range between $66,500 and $68,100. If Bitcoin gives a breakout of this consolidation zone, there is a possibility that Bitcoin will hit the $70,000 mark.

Brokerage firm Bernstein revises Bitcoin prediction to $90K

Todayq News

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