Bernstein Report: Bitcoin to Reach $150,000 by 2025, Bullish on Mining Companies RIOT and CLSK

A report from the brokerage and investment research firm Bernstein indicates that Bernstein is not only optimistic about the future of Bitcoin, but also bullish on the returns from holding mining stocks in the next bull market.

Bernstein

CoinDesk quoted several points from Bernstein's report:

1. Bitcoin mining companies are evolving into industrial-scale enterprises, with North American market share surpassing that of China.

2. Riot Platforms RIOT is favored, with a target price of $15.60.

3. CleanSpark CLSK is favored, with a target price of $5.30.

4. Marathon Digital MARA may perform moderately, with a target price of $8.30.

Analysts Gautam Chhugani and Mahika Sapra stated:

These mining companies have consolidated a high market share, possess strong operational advantages, low power costs, and have high liquidity with unleveraged balance sheets. Riot and CleanSpark's ongoing investments in Bitcoin hash power are countercyclical, unlike other mining companies that are shifting some hash power towards AI and high-performance computing. These countercyclical investments are expected to pay off in the future.

Bitcoin's New Target Price of $150,000

Bernstein also pointed out that the Bitcoin price cycle will follow the pattern of rising after the 4-year block reward halving:

In the cycle from 2024 to 2027, it is expected that Bitcoin will reach a peak of $150,000 in mid-2025.