Wall Street Investment Bank Bernstein: Bitcoin Pullback is an Opportunity to Enter Before Halving, Maintaining Target Price of $150,000.

Research institution Bernstein has stated that Bitcoin’s recent decline from its all-time high of over $73,000 to around $63,000 represents a good buying opportunity before the halving event in April.

Bitcoin Pullback is an Entry Opportunity
Citing a report from Bernstein, analysts Gautam Chhugani and Mahika Sapra believe that the cryptocurrency market is undergoing a similar consolidation phase before the halving, and that the bull market will continue thereafter.

In their report to clients, the analysts stated:
“We believe the current consolidation in Bitcoin is temporary and provides a buying opportunity before the halving. We expect to see a bull market for Bitcoin and the overall cryptocurrency market lasting 18 months across cycles.”

Maintaining a $150,000 Period Target Price
The analysts mentioned the recent slowdown in Bitcoin ETF flows and the fluctuation of funds along with Bitcoin’s price movements. Despite this, Bernstein maintains its previously predicted target price:

“Given the significant inflows into Bitcoin ETFs after their approval on January 11th, the recent trend is not surprising, and the pullback appears to be healthy and does not affect our long-term view that Bitcoin will reach a cycle high of $150,000 by 2025.”

Positive Outlook on Mining Stocks RIOT and CLSK
Continuing their previous stance, the analysts believe that mining stocks will still be the best representation of Bitcoin, especially considering their underperformance in the first quarter of this year. Bernstein is particularly interested in Riot Platforms and CleanSpark. Despite the doubling of mining costs after the halving, both companies are expected to achieve gross profit margins of around 70% and 60% respectively, based on Bitcoin’s current price.

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Bitcoin
Halving