As Bitcoin surpassed $47,000 with its rise starting Wednesday evening, Bernstein analysts recommended investors buy BTC mining stocks to gain exposure to Bitcoin.
According to Coindesk, analysts pointed out the importance of the Bitocin halving event expected in April and said that they recommended purchasing preferred mining stocks in the sector before the halving.
Analysts stated that Riot Platforms (RIOT) and CleanSpark (CLSK) stocks, which are outperforming mining stocks, will be the best choices for investors.
The report prepared under the leadership of analysts Gautam Chhugani and Mahika Sapra included the following statements:
“Bitcoin, the world's largest cryptocurrency, is performing well ahead of the halving, where miners' rewards will be cut by 50%, and is likely to continue this upward momentum for the rest of the year.
At this point, looking at BTC's other halving performances, it can be seen that the price has risen after each of the previous three halving events.
We think that the same rise will occur in this halving.
Considering the price impact of the halving, positive ETF flow momentum, resilient BTC price action, and healthy miners adding capacity to the halving, we recommend investors buy into mining stocks and enter the halving with our preferred names.
“The institutional narrative led by Bitcoin ETFs is driving demand, and as Bitcoin is a rotational asset, we expect the higher price will bring higher ETF inflows, leading to new highs in 2024.”
*This is not investment advice.
