Analysts At Bernstein Lift Price Target On Bitcoin To $150,000

Yolowire 14-Mar-2024 5:33 AM

Analysts at Wall Street firm Bernstein Research have lifted their price target on %Bitcoin (CRYPTO: BTC) to $150,000 U.S. and say they expect the %Cryptocurrency to continue reaching record highs.

Specifically, Bernstein said they anticipate Bitcoin hitting $150,000 U.S. by mid-2025 and that the largest cryptocurrency is likely to breakout after the next halving event on April 20 this year.

In a note to clients, Bernstein said investors should buy Bitcoin mining stocks to gain exposure to the current and coming rallies.

With bitcoin climbing new highs of $71K, we expect institutional interest in bitcoin equities to finally tip over, and bitcoin miners to be the largest beneficiaries, wrote analysts Gautam Chhugani and Mahika Sapra.

Stocks of Bitcoin miners have risen sharply alongside the rally in Bitcoin. %CleanSpark (NASDAQ:CLSK) stock is up 599% in the past year, while %RiotPlatforms (NASDAQ:RIOT) stock has gained 82% over the last 12 months.

Bitcoins price is currently holding near its record level of 72,758 U.S. reached on March 11.

Halving events are when the amount of Bitcoin mined, and the rewards given to miners, are reduced by 50%.

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