- Bernstein experts have published a new forecast for the Bitcoin market.
- They called shares of mining companies the best entry point into it.
- Among other things, two firms mentioned in the report are Riot Platforms and CleanSpark.
Bitcoin is likely to continue its momentum towards the end of 2024, and mining stocks are the best entry point into this market. This is reported by CoinDesk with reference to a report from Bernstein experts.
“Given the positive dynamics in the spot Bitcoin ETF segment, the steady price movement of the asset, as well as the behavior of large miners who are increasing production capacity in anticipation of the halving, we recommend that investors enter this market,” the report says.
Bernstein experts singled out two companies among others – Riot Platforms and CleanSpark.
At the time of writing, the first counterparty's share price is $13.06, according to TradingView. The forecast for the beginning of trading is $13.97. Over the week the increase was 18.6%:
CleanSpark's stock price closed at $10.50, with a forecast of $12.10, according to TradingView. Over the week, the cost increased by 29.4%:
According to Bernstein experts, the growth rate of Bitcoin is already ahead of the value in previous halving cycles. This indicates a high probability of renewed highs, they say.
Let us recall that on the morning of February 9, 2024, Bitcoin broke through the $46,000 level and consolidated above this value.
“Continuous net capital inflows into the spot ETF sector indicate that the market as a whole is bullish, and reflexivity should provide an inverse relationship between this indicator and the rising asset price,” the report said.