Bernstein Predicts Bitcoin Price to Reach $90,000 by Year-End⚡🔥🔥🔥🔥🔥
According to the latest report from analysts Gautam Chhugani and Mahika Sapra, a new #BTC bull cycle is underway, fueled by strong capital inflows into newly launched Bitcoin exchange-traded funds (ETFs) eyes, along with a strong expansion in mining capacity and historic mining revenues.
The analysts note that Bitcoin miners remain “attractive buying targets for equity investors looking to participate in the crypto cycle”, and have revised their estimates for the Cryptocurrency mining stocks.
They noted that they observed a hashrate decrease of 7% following Bitcoin’s upcoming halving, compared to a 15% decrease they had previously predicted. Hashrate is an index of the computing power underpinning the Bitcoin network, as miners compete to find new blocks.
The reward to miners for each block found will be halved next month, from 6.25 to 3,125 BTC in an event known as halving. Halving is part of Bitcoin’s currency supply and occurs every after 210,000 blocks are mined, which equates to approximately every four years. Hashrates often decrease after halvings because some miners become unprofitable from the reduced rewards. However, the revised forecast from Bernstein shows that the halving hashrate decrease will not be as severe as before.
