Undeterred by Bitcoin's recent fall from its all-time high on March 14, Bernstein raised his year-end forecast early Thursday. Cryptocurrency prices and related stocks showed active growth.
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Bernstein on Tuesday raised his Bitcoin price target to $90,000 by the end of the year, up from his previous outlook of $80,000, according to a research note first reported by CoinDesk on Thursday.
The firm also upgraded its outlook for crypto mining stocks, given Bitcoin's rise to near $74,000 and the positive reception of its new Spot Bitcoin ETF.
Analysts Gautam Chughani and Mahika wrote: “A new Bitcoin bull cycle, strong ETF inflows, aggressive miner capacity expansion, and record miner dollar revenues have pushed Bitcoin miners into the crypto cycle. “We continue to see this as an attractive buy for equity investors seeking exposure to the market.” Sapra wrote.
Bitcoin target price raised
Bernstein now expects hashrate to decline by 7% due to closures and consolidations after the halving event scheduled for April, a downward revision from a previous forecast of a 15% decline. There is. Hash rate is the computational power required to mine Bitcoin.
Bernstein raises price target clean spark (CLSK) rose from $14.20 to $30, maintaining an Outperform rating on the stock.Lowered target price riot platform (RIOT) rose from $22.50 to $22, earning the stock an Outperform rating.The company raised its price target marathon digital (MARA) from $14.30 to $23. Mr. Bernstein has a market performance rating for MARA stock.
CLSK stock rose 2.6% on Thursday, adding to this week's nearly 20% rally. CleanSpark scored him over 88% so far this year.
Riot Platforms fell 3.4% on Thursday, trending down 12.5% from the same month, according to MarketSurge charts. Riot stock fell 22.5% in 2024.
MARA stock fell 2.9% on Thursday, below its 21-day exponential moving average near its 50-day line. Marathon Digital has fallen 7.3% since the beginning of the year.
Elsewhere, the new Spot Bitcoin ETF's stock price fell about 1% during trading on Thursday.
Bitcoin traded around $65,000 on Thursday, paring an early 7% gain from a 24-hour low of around $62,000. On March 14th, Bitcoin hit an all-time high of $73,798. However, the cryptocurrency remains below its all-time high of $68,990, set in November 2021. The world's largest cryptocurrency is up about 55% so far this year, with most of the gains compounded in February and March.
micro strategy (MSTR) rose 3.4% after surging 8% in early trading. coinbase global (COIN) increased by 2%.
Follow Harrison Miller on X/Twitter for stock news and updates. @IBD_Harrison
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