Bernstein Forecasts $90K Year-End Target

• Bernstein upgrades year-end Bitcoin (BTC) forecast to $90,000, indicating significant optimism in the cryptocurrency market.
• Recent reports and expert analyses highlight strong growth potential and increasing institutional interest in Bitcoin.

In a recent groundbreaking announcement, diverging from previous CNF reports, Samson Mow, CEO of JAN3, a Bitcoin-centric technology company, expressed strong confidence in Bitcoin’s future. On the “What Bitcoin Did” podcast, Mow predicted a substantial surge in Bitcoin’s value, suggesting a possible increase of about 1,264% from its current level in the coming months.

This optimism is further bolstered by Binance Bernstein’s update, which elevated its year-end Bitcoin (BTC) price forecast from $80,000 to $90,000. Additionally, Bernstein revised its estimates for mining stocks, according to a recent research report.

Another report from Yahoo Finance featured Diogo Monica, co-founder of Anchorage Digital, sharing his insights on Bitcoin’s trajectory. Monica, who boasts extensive experience in computer science and blockchain technology and holds a Ph.D. in network security, founded his institutional cryptocurrency brokerage in 2017. During a CNBC interview, Monica addressed Bitcoin’s volatility.

“If you don’t have a firm conviction there are times it just shakes anyone who’s holding … to the core.”

CNBC’s Joe Kernen highlighted the intense fluctuations in Bitcoin’s price, noting its capacity to challenge even the most steadfast investors.

Anchorage Digital’s Take on Bitcoin’s Future

As the new Bitcoin bull cycle gains momentum, marked by robust ETF inflows, aggressive expansion in miner capacity, and record-high miner revenues, Bitcoin mining companies appear increasingly attractive. Analysts Gautam Chhugani and Mahika Sapra from Bernstein recommend these stocks for equity investors seeking crypto market exposure. The analysts stated,

We assume a 7% reduction in hashrate post halving from shutdowns versus 15% earlier,

The hashrate, indicative of the collective computational power used in mining and processing transactions on proof-of-work blockchains, is set to change following the quadrennial halving, which will see mining rewards halve again in mid-April.

Bitcoin Mining Outlook and Price Adjustments

Reflecting this optimistic outlook, Bernstein has adjusted its targets for various mining companies. CleanSpark’s (CLSK) target was raised to $30 from $14.20, Riot Platforms’ (RIOT) target was slightly reduced to $22 from $22.50, and Marathon Digital’s (market-perform) target was increased to $23 from $14.30.

Currently, Bitcoin is priced at $66,203, showing a slight decline of 1.15% in the past day and 3.57% over the past week. The dynamic shifts in Bitcoin’s price are clearly illustrated in the accompanying chart.

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