Bernstein analysts optimistic Bitcoin poised to touch $90,000 by end of 2024. —AFP
Bernstein analysts optimistic Bitcoin poised to touch $90,000 by end of 2024. —AFP

Bernstein has upgraded Bitcoin’s year-end target price by a massive $10,000 to $90,000, which shows the cryptocurrency is well-positioned to outperform in the near term, ETHNews reported Friday.

This substantial upward revision from a previous target of $80,000 is indicative of an upbeat bull cycle for Bitcoin, partly driven by a smaller-than-anticipated decrease in hash rate following the halving event.

Initially, analysts anticipated a 15% decline in the hash rate, which measures the total computing power used in mining and processing transactions on blockchains. 

Be that as it may, recent analysis suggests the decrease will likely only be around 7%.

According to ETHNews, several factors back these trends, including the start of a new Bitcoin bull cycle, remarkable investments in Bitcoin-related exchange-traded funds (ETFs), expansion of mining capacity, and record levels of revenue for miners.

Gautam Chhugani and Mahika Sapra, analysts at Bernstein, see Bitcoin miners as appealing investments for equity investors looking to tap into the cryptocurrency cycle, as per ETHNews.

Bernstein has also revised its forecasts for Bitcoin mining stocks, keeping in view the impact of the quadrennial halving event expected in mid-April. This adjustment is primarily carried out to check Bitcoin inflation, which directly impacts mining profitability.

With these view changes, Riot and CleanSpark stand out as leading players in the sector, recognised for their solid mining capacity, while these upgrades also establish that Bitcoin remains the leading crypto player.

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