Summary
Bitcoin price may have dropped from its recent all-time high, but analysts at AllianceBernstein are still bullish on the cryptocurrency, predicting it will hit $90,000 by the end of the year. The upcoming halving event on April 20 will make Bitcoin scarcer, potentially driving up its value. The approval of spot Bitcoin ETFs in the U.S. has also increased demand for the cryptocurrency. Analysts recommend buying Bitcoin mining stocks to gain exposure to the crypto space, with Riot and CleanSpark being top picks post-halving.
Key Points
1. The price of Bitcoin may have fallen back below its earlier 2021 all-time high after touching a record level of nearly $74,000 last week, but some analysts are still bullish on the leading cryptocurrency.
2. Global investment firm AllianceBernstein said in a Thursday note that the biggest digital coin by market cap will hit $90,000 by the end of this year, up from a previous projection of $80,000.
3. Bitcoin last week flipped silver’s market cap but has since dipped in price and is now trading for $66,536.