Bernstein analysts expressed stronger conviction on Monday regarding Bitcoin's potential to surge to $150,000 by mid-2025 following the cryptocurrency's recent rally to new all-time highs.
The analysts foresee Bitcoin experiencing a significant breakout after its next halving event, reaffirming their bullish outlook despite declines in some mining stocks.
Maintaining their $150,000 price target for Bitcoin, the analysts pointed to the increasing inflows into exchange-traded funds (ETF's) as a driving force behind the cryptocurrency's upward trajectory. They advised investors to consider purchasing shares of Bitcoin mining companies to capitalize on the anticipated rally.
However, mining stocks faced notable declines in early trading on Monday. CleanSpark (CLSK) led the downturn with a 9% drop, while Marathon Digital (MARA) and Riot Platforms (RIOT) experienced declines of 6.7% and 2.5%, respectively, at the time of writing.
Despite short-term fluctuations, Bernstein analysts remain optimistic about Bitcoin's long-term prospects and urge investors to consider the potential gains in the cryptocurrency market.
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