2024-03-26 05:00:00
Some funds and analysts are now forecasting a potentially faster-than-expected rise for bitcoin. Experts at Bernstein in particular have revised upwards their already optimistic estimates for the leader in cryptocurrencies.
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Alliance Bernstein adjusts its forecasts upwards
Analysts at Alliance Bernstein (a financial titan with $725 billion in their custody) have just thrown a wrench into the pond.
Until now, their optimism on Bitcoin was already making headlines with a prediction of $150,000 in 2025. But now, hold on: they have increased their forecast from $80,000 to $90,000 for the end of 2024. Yes, you are right read.
This reassessment marks a notable vote of confidence for the future of the cryptocurrency leader. This forecast, far from being anecdotal, raises interesting questions about the perception of the value of Bitcoin in the global financial context, inviting reflection on its potential role in future investment strategies.
Bitcoin mining companies, a good choice for investors
Bernstein also believes that bitcoin mining companies are an attractive option for those looking to invest in the emerging cryptocurrency market.
According to analysts Gautam Chhugani and Mahika Sapra: « bitcoin mining companies are very attractive buys for stock investors looking for exposure to the new cryptocurrency bull cycle« .
“With a new bull run of Bitcoin, strong inflows into BTC Spot ETFs, aggressive expansion of miner capacity, and miner dollar revenues at an all-time high, we continue to think bitcoin mining companies are buys very interesting for stock investors looking for exposure to the new crypto bull cycle. »
Gautam Chhugani et Mahika Sapra, analysts chez Alliance Bernstein
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A reduction in the impact of halving on the hashrate
Gautam Chhugani and Mahika Sapra show renewed confidence in Bitcoin and mining companies.
This assurance is based on their interpretation of the halving, an event expected at the end of April in the Bitcoin blockchain network, which they estimate to have a moderate impact on the computing power, or hashrate, deployed by miners.
Traditionally, halving halves the reward awarded for each mined block. This year, it will go from 6.25 to 3.125 bitcoins. This reduction in revenue could theoretically force the least efficient miners to deactivate their equipment, impacting the overall hashrate.
According to Bernstein, this drop in power would prove less drastic than previous expectations, suggesting an unexpected resilience of the mining sector in the face of the economic challenges inherent to halving.
Regarding this last point, Alliance Bernstein anticipates a 7% reduction in hashrate due to the decommissioning of certain obsolete mining equipment after the halving, compared to 15% previously estimated.
This less pessimistic outlook regarding the hashrate is favorable for the stability and security of the Bitcoin network.
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