Bernstein has raised Bitcoin’s year-end target price by $10,000 to $90,000, indicating that the cryptocurrency is well-positioned to outperform in the near term, ETHNews reported Friday.
This significant upward revision from a previous forecast of $80,000 indicates an enthusiastic bull cycle for Bitcoin, aided by a smaller-than-expected reduction in hash rate following the halving event.
Initially, researchers predicted a 15% drop in the hash rate, which measures the overall computing power utilized to mine and execute blockchain transactions.
Regardless, new study suggests that the drop will be limited to roughly 7%.
According to ETHNews, various variables support these developments, including the start of a new Bitcoin bull cycle, significant investments in Bitcoin-related exchange-traded funds (ETFs), expansion of mining capacity, and record levels of revenue for miners.
According to News, Bernstein analysts Gautam Chhugani and Mahika Sapra believe Bitcoin miners are intriguing investments for equity investors wishing to participate in the cryptocurrency cycle.
