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As the price of Bitcoin hits a new all-time high, analysts at the U.S. brokerage firm Bernstein say they are "now more confident" that the largest cryptocurrency will reach $150,000 by mid-2025.
In a report to clients, Bernstein analysts Gautam Chhugani and Mahika Sapra reiterated their optimistic forecast, suggesting that with the current strong momentum, Bitcoin prices could "break out" after the halving in April. The two analysts stated that they are "now more confident" in their Bitcoin target price, which they first issued last year.
"We have built institutional flows into our estimates to derive the price of Bitcoin. We estimate inflows of $10 billion in 2024 and another $60 billion in 2025."
They believe that the recent plunge in the stock prices of Bitcoin mining companies could be the "final window" for investors before the halving, as mining company stock prices are expected to catch up quickly with the surge in Bitcoin prices.
They emphasized that even after 14 years since the birth of cryptocurrencies, Bitcoin miners remain the best representation of the token itself.
The analysts suggest that investors should look beyond the daily performance of Bitcoin miners and their correlation with Bitcoin prices, adding that they should see the weakness in Bitcoin mining stocks as an investment opportunity.
With Bitcoin climbing to a new high of $71,000, we expect institutional interest in Bitcoin stocks to eventually reverse, and Bitcoin miners will be the biggest beneficiaries. Trading Bitcoin miners requires more patience. |
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Post time 19-3-2024 13:34:30