2024-03-21 16:27:26
Against the background of improving market dynamics, Bernstein analysts revised their forecast for Bitcoin – from $80,000 to $90,000 by the end of the year, reports The Block.
Experts also expect the first cryptocurrency to reach $150,000 at the peak of the 2024-2025 bull rally.
In their opinion, the upcoming halving will not have such a strong impact on miners as in past years.
“Given overall bull market conditions with strong ETF inflows, low miner leverage and healthy on-chain fees, the impact of the reward halving appears to be relatively mild,” Bernstein researchers Gautam Chhugani and Mahika Sapra wrote in a note.
The upcoming halving is expected at block #840,000, around April 20th.
Data: The Block.
Its result will be a halving of the reward for miners – from 6.25 BTC to 3.125 BTC. It also means that relatively underperforming players are getting out of the game.
The decrease in the overall hashrate after the previous halving was 15-20%. However, according to Bernstein analysts, this time the figure will decrease by about 7% (previously the company predicted a decrease of 15%).
Chhugani and Sapra are confident that only the most efficient miners will remain on the market, capable of producing cryptocurrency at relatively low costs. In their opinion, CleanSpark and Riot Platforms will be able to increase market share. The report also highlighted the significant potential of Marathon Digital.
Data: The Block, Bernstein.
According to analysts, investing in Bitcoin mining is the best alternative to investing directly in cryptocurrency. According to their observations, three companies listed on American stock exchanges control about 10% of the hashrate of the digital gold network. The combined capitalization of these firms is about $13 billion.
Targets for CleanSpark and Riot shares are $30 (+48%) and $22 (+77%), respectively. Marathon’s forecast indicator is $23 (+3%).
Data: The Block, Bernstein.
At the time of writing, Bitcoin is trading around $66,370. According to CoinGecko, the cryptocurrency grew by 4.3% per day. However, the asset has fallen in price by 6.5% over the past seven days.
Earlier, Bernstein analysts considered the correction to around $63,000 a good opportunity to buy at the lows before halving.
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