Bernstein, a brokerage firm, recommends purchasing stocks of bitcoin miners Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK) ahead of the impending halving event. They anticipate a bullish trajectory for Bitcoin post-halving, once mining hashrates adjust to reduced rewards and ETF inflows pick up.
Despite concerns over profitability following the halving, Bernstein maintains a positive outlook on bitcoin mining stocks, citing their potential for superior execution and market leadership in self-mining hashrate.
Analysts Gautam Chhugani and Mahika Sapra highlight the historical trend of Bitcoin price breakout following halving events, with recent ETF approvals driving pre-halving price appreciation. However, recent fluctuations, including a 15% drop in the last 10 days, coincide with slower ETF inflows.
Bernstein expects Bitcoin’s bullish momentum to resume post-halving as mining hashrates adapt and ETF inflows recover. The rollout of spot bitcoin ETFs by wirehouses and registered investment advisors is seen as a structural driver for bitcoin demand, with a forecasted cycle high of $150,000 by 2025.
In summary, Bernstein suggests seizing the opportunity presented by the miner fear factor preceding the halving and investing in RIOT and CLSK stocks for potential long-term gains.
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