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Bernstein: Bitcoin will reach $ 90,000 by the end of 2024
Analysts of the Bernstein brokerage company have presented an updated forecast for the growth of the bitcoin price BTC $74,969.28 Bitcoin 0.72% Market capitalization $1.48 trillion VOL. 24 hours $3.72 billion . According to them, the asset’s rate will surpass $ 90,000 by the end of 2024, The Block reports.
According to experts, the upcoming bitcoin halving, which may occur in a month, will not be a big shock for mining companies. The reason for the relatively weak impact on the industry will be bullish sentiment in the market and a significant inflow of funds into spot bitcoin ETFs.
High online commissions and active preparation of miners for halving will also play a role in this process. Analysts remind that the previous reduction of bitcoin mining rewards led to a 15% drop in the hashrate. However, this time, Bernstein representatives expect a much smaller decline of up to 7%.
Experts said that companies such as CleanSpark and Riot Platforms will strengthen their positions in the market. This will be facilitated by low electricity costs and better equipment efficiency. Analysts expect that after halving, these miners will gain a significant market share.
In addition, representatives of the brokerage firm see potential in another player. It is about the bitcoin miner Marathon Digital, which is developing a model of independent cryptocurrency mining and relies on high liquidity.
According to Bernstein, the shares of these companies are one of the most profitable areas for investment. The three bitcoin miners control about 10% of the total network hashrate, and their combined market value exceeds $ 13 billion.
In addition, the team noted the recent correction of the bitcoin exchange rate, which resulted in the value of the asset dropping by more than $ 10,000. In their opinion, the situation represents a «temporary opportunity to acquire» the first cryptocurrency. «We expect the market to consolidate before halving, and then the upward trend will resume,» the analysts concluded.