Bernstein Analysts Raised Bitcoin Price Target At The End Of 2024 To $90,000

Key Points:

• Bernstein upgraded the Bitcoin price target in 2024 to $90,000 due to improved market conditions.
• Analysts foresee Bitcoin hitting $150,000 in the 2024–2025 cycle with a less impactful halving event for miners.
• Bitcoin rebounds to nearly $67,000 after a 17% dip, sparking investor debate on future market direction.

Bernstein, a leading brokerage firm, has adjusted its forecast for the Bitcoin price target at the end of 2024, now predicting it to reach $90,000, up from the previous estimate of $80,000. This revision comes amidst improved market conditions, as stated in a recent research report released on Thursday.

Read more: What is Bitcoin Halving? Why is this event of interest?

Bernstein Raises Bitcoin Price Target to $90,000

The analyst at Bernstein predicts Bitcoin‘s upward trajectory will continue beyond 2024, projecting a cycle high of $150,000. They note that the upcoming halving event, which historically has had a significant impact, is expected to have a milder effect this time around due to several factors, including strong ETF inflows, low miner leverage, and robust network transaction fees.

In light of these developments, analysts Gautam Chhugani and Mahika Sapra recommend Bitcoin miners as compelling investments for those seeking exposure to the crypto cycle. They project a moderate 7% reduction in hashrate post-halving, compared to the 15% decline previously anticipated.

Bitcoin Rebounds Near $67,000 Following Recent Dip

The Bitcoin price target is given in the context of the next halving for Bitcoin, which is scheduled for April 20, which will see mining rewards halved from 6.25 BTC to 3,125 BTC per block, potentially impacting the profitability of certain mining operations.

Despite experiencing a notable dip earlier in the week, with prices falling below $61,000, marking a 17% decline from the all-time high in March, Bitcoin has quickly rebounded, reaching close to $67,000 today. Investors are closely monitoring the market, speculating on whether further corrections are imminent or if the recent recovery signals the beginning of a sustained uptrend.