Wall Street investment bank Bernstein: Bitcoin correction is a buying opportunity before the halving, maintains a target price of $150,000

The research firm Bernstein stated that Bitcoin recently dropped from its all-time high of over $73,000 to around $63,000, presenting a good buying opportunity for those who bought the dip before the halving event in April.

Bitcoin Pullback is a Buying Opportunity

The Block cited a report from Bernstein, where analysts Gautam Chhugani and Mahika Sapra believe that the crypto market is currently consolidating similar to the period before the Bitcoin halving, signaling a continued bull market.

The analysts stated in their report to clients:

We view the current consolidation in Bitcoin as temporary and providing a buying opportunity before the Bitcoin halving. We expect to see an 18-month bull market across Bitcoin and the broader crypto space.

Maintaining a $150,000 Price Target

The analysts mentioned the recent slowing flow of Bitcoin ETFs and the fluctuation of funds with the rise and fall of Bitcoin.

Nevertheless, Bernstein maintains their previously predicted price target:

Given the significant net inflows into Bitcoin ETFs post approval on January 11th, recent trends are not surprising, and the pullback seems healthy and does not impact our cross-cycle view that Bitcoin will reach a peak of $150,000 in 2025.

Wall Street investment bank Bernstein: More confident in Bitcoin hitting $150,000, mining stocks to see a massive rebound

Bullish on Mining Stocks RIOT, CLSK

Building on their previous stance, analysts believe that mining stocks will continue to be the best representation of Bitcoin, especially as mining stocks have generally underperformed in the first quarter of this year.

Bernstein is particularly focused on Riot Platforms and CleanSpark, where based on the current price of Bitcoin, even with mining costs doubling post-halving, their profit margins are expected to reach approximately 70% and 60%, respectively.