According to JPMorgan, Bitcoin remains in overbought territory despite the recent correction, while Bernstein raised its year-end 2024 Bitcoin price target to $90,000.
Analyst Nikolaos Panigirtzoglou said in a report on March 21 that the pace of inflows into Bitcoin spot ETFs has slowed significantly recently, while futures position proxies and Bitcoin futures price premiums both indicate that Bitcoin is overbought.
They said the slowdown in inflows into bitcoin ETFs challenges the view that flows will continue to be one-way net inflows.
“Indeed, this profit-taking is more likely to continue as we approach the halving event, especially against a backdrop that still looks overbought after the correction seen over the past week,” Panigirtzoglou said.
Analysts said last week that the bitcoin price could plummet to around $42,000 after the halving due to reduced miner rewards and increased production costs.
However, Bernstein is more bullish on Bitcoin and mining stocks. In a March 21 research note, they raised their year-end price target for Bitcoin to $90,000 from $80,000 previously. Bernstein also said that Bitcoin mining companies could offer good buying opportunities.
“Against the backdrop of a new bitcoin bull cycle, strong ETF inflows, aggressive miner capacity expansion, and record miner revenues, we continue to view bitcoin miners as an attractive investment for equity investors seeking crypto cycle exposure,” Bernstein analysts Gautam Chhugani and Mahika Sapra said in the report.
This bullish stance on Bitcoin and mining companies is evident in Bernstein’s latest assessment of CleanSpark (CLSK).
Bernstein raised its price target for CLSK from $14.20 to $30, assuming the Bitcoin network will experience a “hash rate shutdown of 71t3t” after the halving.
Its price target for Marathon Digital was also adjusted to $23 from $14.30, while its price target for Riot Platforms was lowered to $22 from $22.50.
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