Bernstein sees Bitcoin hitting $150,000 by mid 2025

Bernstein analyst Gautam Chhugani initiated research coverage on the Bitcoin Mining sector, with a bullish view of the two companies.

The research firm started coverage of Riot (NASDAQ: RIOT), CleanSpark (NASDAQ: CLSK), and Marathon (NASDAQ: MARA).

Riot and CleanSpark earned Outperform ratings, while MARA is Market-Perform rated.

“You may not like Bitcoin as much as we do, but a dispassionate view of Bitcoin as a commodity, suggests a turn of the cycle,” Chhugani wrote in a note.

“A good idea is only as good as its timing - SEC approved ETFs by world's top asset managers (BlackRock, Fidelity et al), seems imminent. Bitcoin 'halving' (BTC rewards half every 4 years) is due April '24. A winning Bitcoin miner (Riot, CleanSpark) is a high-beta way to gain exposure.”

The analyst’s bullish view on these mining stocks is based on expectations that the world’s largest digital coin will hit $150,000 by mid-2025.

“We expect BTC to rally into the ETF approvals and ETF initial response, some profit booking into halving in April 2024 and major inflection post halving, once miner risks clear,” the analyst further added.

By Senad Karaahmetovic

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