Bernstein has revised its 2024 price target for bitcoin to $90,000 from $80,000 and continues to see miners as the best equity proxy.
Analysts at research and brokerage firm Bernstein have raised their year-end price target for bitcoin to $90,000 from $80,000 amid improved market dynamics.
“Given general bull market conditions with strong ETF inflows, low miner leverage, and robust network transaction fees this cycle, the halving impact seems relatively mild on the miners, with dollar revenues cushioned,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Thursday. Previous Bitcoin network hashrate declines post-halving have been in the 15-20% range. However, the analysts estimate miner shutdowns to be lower this time around, with a hashrate reduction estimate of around 7% — revised from 15%, and the bull market aiding balance sheets.Chhugani and Sapra expect this to benefit more efficient, lower-cost miners such as CleanSpark and Riot Platforms the most, enabling them to gain relative market share post-halving.
Bernstein rates CleanSpark and Riot stock outperform, with price targets of $30 and $22 , respectively. The analysts give Marathon a market-perform rating targeting $23 .On Tuesday, the Bernstein analysts said bitcoin’s recent $10,000 retreat from all-time highs of more than $73,000 to below $63,000 represents a temporary “dip buying opportunity” ahead of the halving.
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