Investment firm Bernstein has doubled down on its optimistic outlook for Bitcoin and cryptocurrency mining stocks, even as the world’s largest digital asset experiences a pullback from its recent record highs.
In a research note, Bernstein raised its year-end Bitcoin price target to a lofty $90,000, up from the previous forecast of $80,000. The firm cited factors like the current Bitcoin bull cycle, robust inflows into crypto ETFs, miners’ aggressive capacity expansion, and record revenues as driving their bullish stance.
“With strong ETF demand, miner growth, and peak revenues, we find crypto miners compelling for investors seeking exposure,” Bernstein analysts stated.
The firm also adjusted its projections for the upcoming Bitcoin halving event in April, now anticipating only a 7% decrease in hash rate versus a previous estimate of 15%.
Reflecting its positive view, Bernstein boosted price targets on several prominent crypto mining stocks. It raised CleanSpark’s (CLSK) target to $30 from $14.20 and maintained an “outperform” rating. For Riot Platforms (RIOT), the target was trimmed to $22 from $22.50 with an “outperform” rating, while Marathon Digital’s (MARA) target increased to $23 from $14.30 with a “market perform” rating.
While Bitcoin has retreated from its $73,798 all-time high set in March, the cryptocurrency has still rallied around 55% year-to-date, fueled by surging mainstream adoption.
Bernstein’s upbeat outlook underscores Wall Street’s growing acceptance of Bitcoin and digital assets, with the firm betting on continued upside despite the recent volatility.
