JPMorgan Says Bitcoin Overbought Despite Correction as Bernstein Raises Year-End Target to $90K

JPMorgan said bitcoin “remains in overbought territory” despite its recent correction, while Bernstein raised his 2024 year-end target for the king of cryptocurrencies to $90,000.

The pace of inflows into spot bitcoin ETFs (exchange-traded funds) has slowed considerably recently, while futures position indicators and the price premium of bitcoin futures over the spot price suggest that btc is overbought, said analysts led by Nikolaos Panigirtzoglou in a Mar. 21 notes.

The slowdown tickets in btc ETFs It challenges the idea that the flow picture will be a sustained one-way net inflow, they said.

“Indeed, as we approach the halving event, this profit-taking is more likely to continue, particularly in a positioning context that still appears overbought despite last week's correction,” Panigirtzoglou said. .

Analysts said last week that the price of bitcoin would likely fall to around $42k after the halving due to lower miner rewards and higher production costs.

What a beating. I thought the worst was over. I suppose not. Who's leaving now when he wasn't motivated to do so in the last two months? https://t.co/YNX1dBt2FM

– Eric Balchunas (@EricBalchunas) March 21, 2024

But Bernstein says btc and mining stocks will rise after the halving

Bernstein analysts are more optimistic towards btc. They raised their year-end target for bitcoin to $90,000, from $80,000 previously, in a March 21 research note. Bernstein also said that bitcoin mining companies could present good buying opportunities.

“With a new bitcoin bull cycle, strong ETF inflows, aggressive miner capacity expansion, and high miner dollar revenues, we continue to find that bitcoin miners attract buying for equity investors seeking exposure to the cryptocurrency cycle,” said Bernstein analyst Gautam Chhugani. and Mahika Sapra in the report.

This bullish stance towards bitcoin and mining companies is evident in Bernstein's latest revaluation of CleanSpark (CLSK).

Assuming that the bitcoin network will experience “a 7% reduction in hashrate post-halving due to shutdowns,” Bernstein increased his price target for CLSK from $14.20 to $30.

Its target for Marathon Digital was similarly adjusted to $23 from $14.30, while the asset manager's target for Riot Platforms was cut to $22 from $22.50.

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