From, Bernstein is increasingly convinced that Bitcoin price is heading towards $150,000


© Reuters Bernstein is increasingly convinced that Bitcoin price is heading towards $150,000

Bernstein expects Bitcoin price to reach $150,000. In a note to clients this week, the company urged investors to buy Bitcoin miners as recent underperformance is “likely the final window before the halving.”

As the cryptocurrency continues to rise and is currently trading above the $72,000 mark, the company recalled the words of Satoshi Nakamoto, who told another forum member debating Bitcoin in 2010: “If you don’t understand it, I don’t have time for that.” try to convince yourself.

According to analysts at Bernstein, Bitcoin miners remain the best stock proxy to participate in the rally.

“We are now more confident in our Bitcoin price of $150,000,” they said. “Bitcoin is at $71,000 today, which we expected to break through after the halving. We built institutional Bitcoin inflows in our estimates to determine the Bitcoin price. We have estimated inflows of $10 billion in 2024 and another $60 billion in 2025. In the last 40 days since the ETF launch on January 10, Bitcoin ETF inflows have already exceeded $9.5 billion.”

Analysts believe that this is still the beginning of Bitcoin’s integration into traditional investment portfolios.

When it comes to miners, the company prefers Riot Platforms (NASDAQ:) and CleanSpark (NASDAQ:) Based on the fact that they are the “largest ‘self-mining’ miners” with hash rate capacity halved, they have the lowest production costs in Bernstein’s listed universe and have Bitcoin on their balance sheets is not debt.

“Investors only look at the daily correlation of Bitcoin miners, and only on days when they see a Bitcoin rally,” they added. “This selective periodic view is incomplete. Across the cycle, Bitcoin miners almost always outperform Bitcoin during bull markets and almost always underperform Bitcoin during bear markets.”

“Investors need to take a cross-cycle view and for us we are still in the middle of the 2024-25 cycle and see any window of mining weakness as a buying opportunity,” the analysts added.

Bernstein also believes that Bitcoin prices and transaction fees provide miners with a buffer for the halving event while Bitcoin mining stocks are cheap.


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