Shares of companies mining the first cryptocurrency offer a good entry point ahead of the halving. This is reported by CoinDesk with reference to a report from Bernstein analysts.
The document states that the price of Bitcoin has soared after each previous halving – in 2012, 2016 and 2020. The next halving, during which the block reward will be reduced to 3.125 BTC, is scheduled for April 2024.
Bernstein specialists drew the attention of investors to the shares of mining companies Riot Platforms and CleanSpark.
The report states that companies providing 15% of Bitcoin’s hashrate may close after the halving. However, if the asset price remains high, the event may not be so critical, analysts say.
“At the price [биткоина] At $44,500, the outlook for most US listed miners looks relatively good even if their costs double after the halving,” Bernstein said.
Experts noted the “positive momentum” of the ETF based on the spot price of the first cryptocurrency, stable asset quotes and “healthy miners” as indicators of a stable situation in the industry.
“The institutional narrative led by the Bitcoin ETF is driving demand. Bitcoin is a reflexive asset. Its higher price will increase inflows into ETFs, leading to new highs in 2024,” the report said.
On Thursday, February 8, the first cryptocurrency crossed the $45,000 mark. The next day, the asset’s quotes soared above $47,000. At the time of writing, Bitcoin is trading at $48,100.
BTC/USDT hourly chart of the Binance exchange. Data: TradingView.
In February, popular blogger PlanB predicted the first cryptocurrency at $500,000. He believes that after halving the asset will become scarcer than gold and real estate.
Let us remind you that the head of the derivatives department at Bitfinex, Jag Kooner, allowed a short-term correction in the digital asset market, since the Fed’s intention to postpone the rate cut has not yet been reflected in the price of Bitcoin.
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2024-02-11 08:20:45
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