Bitcoin Year-End Price Target Raised to $90K at Bernstein
Summary
Broker Bernstein has increased its year-end bitcoin price forecast from $80K to $90K. The broker also expects a 7% reduction in hashrate following the halving due to shutdowns, compared to the previously anticipated 15%. Bernstein suggests that bitcoin miners are attractive investments for equity investors seeking exposure to the crypto cycle. The broker also adjusted its price targets for several mining stocks: CleanSpark's target was raised to $30 from $14.20, Riot Platforms' target was slightly reduced to $22 from $22.50, and Marathon Digital's target was increased to $23 from $14.30. Riot and CleanSpark are expected to become sector leaders due to their large self-mining capacities.
