Bernstein recommended investing in Bitcoin mining-related stocks, which offer a higher beta, meaning higher risk but also greater potential gain than Bitcoin.
Bernstein, posted an extremely bullish outlook for the crypto market in 2024, saying that investors should take a long position now or regret it later.
The forecast indicates that Bitcoin will reach a new all-time high in the second half of the year and could end the year around $80,000, approximately 88% higher than current levels. The estimate also projects that Bitcoin could reach $150,000 in 2025.
Gautam Chhugani, chief crypto analyst at Bernstein, wrote in the note: “We expect 2024 to be a breakthrough year for the crypto sector. Not being long-term crypto, whether strategically via a fund directly via holding digital assets or indirectly via crypto-related stocks, would prove costly for investors.”
Bernstein recommended investing in Bitcoin mining-related stocks, which offer a higher beta, meaning higher risk but also greater potential gain than Bitcoin itself. Bernstein’s favorite picks are Riot Platforms and CleanSpark.
leggi anche
Bitcoin, is it worth investing $1,000 today?
Chhugani said both companies benefit from low energy and production costs, high liquidity, and balance sheet flexibility.
“Additionally, we are in a favorable macroeconomic climate, with rates plummeting, inflation declining, and the possibility of monetary stimulus in a major global election year,” Chhugani added.
Bitcoin has been in an uptrend for months as traders grow increasingly convinced that the U.S. Securities and Exchange Commission will soon approve a Bitcoin ETF. Many expect approval as early as this month.
While the crypto had a shaky start to 2024, it saw a rise of more than 12% in December and a surge of 157% in 2023.
Additionally, Bernstein’s note states that Ether is poised to benefit this year after a period of underperformance versus Bitcoin in 2023, when it nearly doubled anyway, rising 89%.
| DISCLAIMER The information and considerations in this article should not be used as the sole or primary basis for making investment decisions. The reader maintains full freedom in his own investment choices and full responsibility in making them, since he alone knows his risk propensity and his time horizon. The information contained in the article is provided for informational purposes only and its disclosure does not constitute and should not be considered an offer or solicitation to the public for savings. |
Original article published on Money.it Italy 2024-01-12 07:00:00. Original title: Le due azioni cripto da comprare nel 2024
