“Prepare for a wild ride as Bitcoin bulls predict an exhilarating ascent to $150,000 within the next year, transforming the cryptocurrency landscape and captivating investors worldwide.”
Most Bitcoin stocks are experiencing gains thanks to a new report from Bernstein. The report predicts that Bitcoin will reach unprecedented levels, leading to increases in stocks like Microstrategy (NASDAQ:MSTR), Grayscale Bitcoin (NASDAQ:GBTC), and Riot Platforms (NASDAQ:RIOT). Coinbase (NASDAQ:COIN) also saw a significant increase of over 4%. The only stock that saw a slight decrease was Marathon Digital (NASDAQ:MARA).
According to analyst Gautam Chhugani with Bernstein, the Securities and Exchange Commission (SEC) is expected to approve a Bitcoin ETF in the first quarter of 2024. Chhugani believes that this approval will open the floodgates for institutional buyers, causing a surge in Bitcoin prices. He also mentions that the upcoming halving in April 2024 will make Bitcoin mining more difficult, leading to increased value for successful miners.
In addition to Bernstein’s report, legendary investor Stanley Druckenmiller admitted that he should have invested more in Bitcoin, comparing it to gold in terms of brand strength. This is good news for early Bitcoin investors who held onto their coins, as Bernstein’s prediction suggests that Bitcoin’s price could more than double its previous peak of $67,000.
For investors interested in Bitcoin stocks, MSTR stock is currently the lagging option with a 3.83% downside risk. On the other hand, RIOT stock is the leader with a 69.42% upside potential based on its average price target of $16.40.
Overall, the future looks promising for Bitcoin and its related stocks, with Bernstein’s report and Druckenmiller’s endorsement adding to the positive sentiment in the market.
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