Share this article
Bitcoin Year-End Price Target Raised to $90K at Bernstein
The broker expects a 7% reduction in hashrate post-halving from shutdowns versus 15% earlier, the report said.
By Will Canny
Updated Mar 21, 2024, 1:32 p.m. Published Mar 21, 2024, 1:30 p.m.
* Broker raised its year-end bitcoin target to $90K from $80K.
* Bernstein now expects a 7% reduction in hashrate post halving from shutdowns.
* Says bitcoin miners compelling buys for equity investors looking for exposure to crypto.
Bernstein raised its year-end bitcoin price forecast to $90K from $80K and updated estimates for mining stocks in its coverage, the broker said in a research report on Thursday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“With a new bitcoin bull cycle, strong ETF inflows, aggressive miner capacity expansion, and all-time high miner dollar revenues, we continue to find bitcoin miners compelling buys for equity investors seeking exposure to the crypto cycle,” wrote analysts Gautam Chhugani and Mahika Sapra.
“We assume a 7% reduction in hashrate post halving from shutdowns versus 15% earlier,” the authors wrote. Hashrate refers to the total combined computational power that is being used to mine and process transactions on a proof-of-work blockchain. The quadrennial reward halving is when mining rewards are cut in half. The next halving is expected in mid-April.
Bernstein raised its price target for outperform-rated CleanSpark (CLSK) to $30 from $14.20. It trimmed its price target for outperform-rated Riot Platforms (RIOT) to $22 from $$22.50 and lifted its Marathon Digital (market-perform) price target to $23 from $14.30.
CleanSpark closed at $20.25 on Wednesday, Riot at $12.40 and Marathon at $22.43.
Riot and CleanSpark are set to emerge as leaders in the sector, as the “largest miners with the largest self-mining capacity,” the report added.
Read more: Bitcoin Miners Need to Be Proactive to Hold Their Positions After Halving: Fidelity Digital Assets
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
Top Stories
