Bitcoin Price Target Raised to $90,000 by Wall Street Investment Bank Bernstein, Bullish Outlook on Mining Stocks

Bitcoin Price Target Raised to $90,000 by Wall Street Investment Bank Bernstein, Bullish Outlook on Mining Stocks

Bitcoin Price Target Raised to $90,000 by Wall Street Investment Bank Bernstein, Bullish Outlook on Mining Stocks

According to a report by CoinDesk, Wall Street investment bank Bernstein has raised its year-end price prediction for Bitcoin (BTC) from $80,000 to $90,000. At the same time, Bernstein has also adjusted its previous prediction for the decrease in Bitcoin’s network hash rate after the halving. The company initially predicted a 15% decrease, but in the latest report, it has revised it to a 7% decrease. Analysts Gautam Chhugani and Mahika Sapra from Bernstein wrote in the report:

On the other hand, Bernstein analysts have also updated their valuations for cryptocurrency mining stocks in the company:

– The target price for CleanSpark (CLSK) has been raised from $14.20 to $30.
– The target price for Riot Platforms (RIOT) has been lowered from $22.50 to $22.
– The price target for Marathon Digital (MARA) has been raised from $14.30 to $23.

The report also notes that Riot and CleanSpark will stand out as “miners with the highest self-mining capacity” in the industry.

The views of Bernstein analysts contrast sharply with those of Morgan Stanley analysts. According to a previous report by Zombit, Morgan Stanley analysts stated in a report released this week that despite a correction, Bitcoin is still in an “overbought state” and suggested that profit-taking may become more frequent as the Bitcoin halving approaches.