The “miner fear factor” is at its peak ahead of the imminent halving, and investors should buy outperform-rated Riot Platforms and CleanSpark because the market will reward these companies for their superior execution and for being market leaders by self-mining hashrate, broker Bernstein said in a research report on Wednesday.“Historically, bitcoin price breakout has always followed the halving event and sometimes a few months after halving,” analysts Gautam Chhugani and Mahika Sapra wrote.
The broker said it expects bitcoin’s bullish trajectory to resume after the halving once the mining hashrates have adjusted to the lower rewards and ETF inflows resume. The rollout of spot bitcoin ETFs by wirehouses and registered investment advisors “will continue to provide structural demand for bitcoin,” Bernstein said. “We continue to expect bitcoin to touch a cycle high of $150K by 2025.”in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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