2024

Bitcoin

Giant

Rise

<div class="insidebitcoins">
 JPMorgan said Bitcoin “remains in overbought territory” despite its recent correction, while Bernstein raised its 2024 year-end target for the king of cryptos to $90K.
 The pace of inflows into spot Bitcoin ETFs (exchange-traded funds) has slowed considerably recently, while futures position proxies and the Bitcoin futures price premium over the spot price suggest BTC is overbought, said analysts led by Nikolaos Panigirtzoglou in a Mar. 21 note.
 The slowing inflows into BTC ETFs <span style="background-color: var(--bs-body-bg); color: var(--bs-body-color); font-family: var(--bs-body-font-family); font-size: var(--bs-body-font-size); font-weight: var(--bs-body-font-weight); text-align: var(--bs-body-text-align);">challenges the idea that the flow picture will be a sustained one-way net inflow, they said.
 <img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="Guide to JPMorgan Internships - Forage" data-lazy-src="https://cdn.thebittimes.com/images/2024/03/22/d281656cb384aaefb62e53f36be22b49.webp">
 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/03/22/d281656cb384aaefb62e53f36be22b49.webp" alt="Guide to JPMorgan Internships - Forage">
 </noscript>
 <span style="background-color: var(--bs-body-bg); color: var(--bs-body-color); font-family: var(--bs-body-font-family); font-size: var(--bs-body-font-size); font-weight: var(--bs-body-font-weight); text-align: var(--bs-body-text-align);">“In fact, as we approach the halving event this profit-taking is more likely to continue, particularly against a positioning backdrop that still looks overbought despite the past week’s correction,” Panigirtzoglou said. 
 <span style="background-color: var(--bs-body-bg); color: var(--bs-body-color); font-family: var(--bs-body-font-family); font-size: var(--bs-body-font-size); font-weight: var(--bs-body-font-weight); text-align: var(--bs-body-text-align);">The analysts said last week that the Bitcoin price would likely plummet to about $42K after the halving because of smaller miner rewards and higher production costs.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 What a pounding. Thought worst was over. Guess not. Who is leaving now that wasn’t motivated to leave past two months? https://t.co/YNX1dBt2FM
 — Eric Balchunas (@EricBalchunas) March 21, 2024
 </blockquote>
 
 <h2 id="span-style-font-weight-400-but-bernstein-says-btc-and-mining-stocks-will-rise-after-the-halving-span">But Bernstein Says BTC And Mining Stocks Will Rise After The Halving</h2>
 Analysts at Bernstein analysts are more bullish towards BTC. They raised their year-end target for Bitcoin to $90K, from $80K previously, in a Mar. 21 research note. Bernstein also said that Bitcoin mining companies could present good buying opportunities.
 “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,” said Bernstein analysts Gautam Chhugani and Mahika Sapra in the report.
 This bullish stance towards Bitcoin and mining companies is evident in Bernstein’s latest re-evaluation of CleanSpark (CLSK). 
 With the assumption that the Bitcoin network will experience “a 7% reduction in hashrate post halving from shutdowns, “ Bernstein increased its price target for CLSK from $14.20 to $30. 
 Its target for Marathon Digital was similarly adjusted to $23 from $14.30, while the asset manager’s target for Riot Platforms was trimmed to $22 from $22.50.
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JPMorgan Says Bitcoin Is Overbought Despite Correction As Bernstein Raises Year-End Target To $90K

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