Bitcoin Predicted to Skyrocket to $90,000 by 2024, Bernstein Analysts Bullish

Will Bitcoin Soar to $90,000 by 2024?

Bernstein's analysts are bullish on Bitcoin, predicting it could hit $90,000 by the end of 2024. This $10,000 increase from their previous target of $80,000 suggests the cryptocurrency is poised for outperformance.

What's Driving the Optimism?

The upbeat outlook stems from a smaller-than-expected decline in Bitcoin's hash rate, which measures the computing power used to mine and process transactions. Analysts initially anticipated a 15% drop, but now expect it to be closer to 7%.

What's Supporting the Bullish Case?

Several factors are contributing to the positive sentiment, including:

• The start of a new Bitcoin bull cycle
• Increased investments in Bitcoin ETFs
• Expansion of mining capacity
• Record-high miner revenue

Bitcoin Miners: A Lucrative Opportunity?

Bernstein analysts Gautam Chhugani and Mahika Sapra believe Bitcoin miners are attractive investments for equity investors seeking exposure to the cryptocurrency cycle.

Revised Mining Stock Forecasts

Bernstein has also revised its forecasts for Bitcoin mining stocks in anticipation of the quadrennial halving event in mid-April, which aims to control Bitcoin inflation and directly affects mining profitability. Riot and CleanSpark emerge as top performers due to their robust mining capacity.

Bitcoin's Dominance Unwavering

Despite the surge in alternative cryptocurrencies, Bernstein's upgrades reinforce Bitcoin's position as the dominant player in the digital asset landscape.