While Bitcoin rose above $ 63,000 again during the day, it has generally exhibited horizontal movements lately.
At this point, Bernstein analysts argued that these horizontal and straight movements of BTC could be good for miners.
According to The Block, Bernstein analysts claimed that horizontal movements in BTC could be good for miners in this period when the economy is driven by the competitive hash rate.
Bernstein analysts led by Gautam Chhugani and Mahika Sapra said in a note to clients today:
“Bitcoin price is trending sideways, but we are not afraid of a big drop here.
Here we expect Bitcoin to remain in a range and continue its upward adoption trajectory as Bitcoin ETFs see allocation from RIAs, asset platforms, and other institutional funds.
Overall, a temporary pause in Bitcoin price is actually good for existing low-cost Bitcoin miners, as hash rates remain limited and strong miners can implement aggressive capex and merger and acquisition plans to grow market share.
“When the Bitcoin price increases following horizontal movements, miners can earn higher income through higher production.”
As is known, Bernstein analysts stated in a report published last week that they expected $ 150,000 in this cycle and that they were insistent on their predictions and that Bitcoin would continue its rise.
*This is not investment advice.