Bitcoin target- Bernstein maintains $200K Bitcoin target, covers Core Scientific and IREN

Bitcoin target- Bernstein sticks with $200K Bitcoin forecast, begins Core Scientific, IREN coverage

Bitcoin target– Analyst Ratings and Rationale:

• Bernstein analysts initiated coverage on Core Scientific and IREN with an outperform rating.
• They highlight the firms’ hybrid bitcoin mining and AI data center strategies as key strengths.
• Bitcoin miners are seen as strategic partners for building AI data centers due to their ready power interconnect and operational capabilities.

Core Scientific (Price Target: $17, Upside: 64%):

• Recently signed a 12-year deal with AI firm CoreWeave, projecting $3.5 billion in revenue.
• Emerged from bankruptcy in January and now leads in the bitcoin miner AI data center co-hosting model.

IREN (Price Target: $26, Upside: 78%):

• Raised $413 million for bitcoin mining expansion.
• Noted for strong power pipelines and data center operations capabilities.
• Signed Nvidia GPU deal with AI startup Poolside in February.

Bitcoin Market Performance:

• Core Scientific closed down 7.7% at $9.56.
• IREN closed down 12.4% at $12.82 on Tuesday, according to TradingView.

Crypto Industry Insights:

• JPMorgan highlighted rising investor interest in bitcoin miners post Core Scientific’s AI hosting deal.
• Bernstein previously covered Riot Platforms, CleanSpark, and Marathon based on new bitcoin bull cycle expectations and industry consolidation post-halving.

This coverage reflects growing investor optimism around bitcoin miners integrating AI capabilities and expanding their operational reach in data center markets.

Bernstein Analysts Raise Bitcoin Price Targets Amid Growing Institutional Adoption

In June, analysts Gautam Chhugani and Mahika Sapra from Bernstein revised their Bitcoin price target to $200,000 by the end of 2025, up from $150,000. Their bullish outlook is driven by anticipated demand from spot Bitcoin ETFs and modeling of bitcoin miner marginal production costs.

Looking further ahead, Chhugani and Sapra project Bitcoin to reach $500,000 by the end of 2029 and $1 million by 2033. They reiterated these targets to clients, emphasizing the market’s current undervaluation of miners despite Bitcoin’s volatility.

The analysts argue that Bitcoin miners are strategically positioned with robust power portfolios and opportunities to monetize through AI data centers in a world increasingly constrained by power resources. They see AI revenue as providing a stable base for miners amid Bitcoin’s cyclical price movements.

Gautam Chhugani maintains long positions in various cryptocurrencies, underscoring his confidence in their long-term prospects.

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