Bitcoin's recent price stagnation has not deterred analysts at Bernstein, who remain optimistic about the cryptocurrency's prospects. Despite the "flattish" price action, they believe it presents an opportunity for miners to consolidate their market share. The analysts, Gautam Chhugani and Mahika Sapra, expect Bitcoin to remain range-bound between $50,000 and $60,000 before breaking out and continuing its upward trajectory.

The analysts attribute the recent price stability to the decline in mining difficulty, which has made it easier for miners to discover new blocks. They also point to the increase in market share of publicly-listed miners such as Marathon Digital, Riot, and CleanSpark, which have strong bitcoin balance sheets and cash positions. These miners are expected to further consolidate their market share through organic and merger and acquisition-led expansion.

The analysts also noted that a temporary pause in Bitcoin's price is beneficial for incumbent lower-cost miners, as it allows them to execute their aggressive capex and M&A plans to grow market share. They believe that when Bitcoin's price momentum picks up, miners will be able to harvest high dollar revenues over higher production.

Overall, the Bernstein analysts remain bullish on Bitcoin, reiterating their $150,000 price prediction this cycle. They believe that the recent price stagnation presents an opportunity for miners to consolidate their market share and prepare for the next phase of growth.