In a notable analysis, researchers at the renowned research and brokerage firm Bernstein have expressed optimism regarding Bitcoin's seemingly "flattish" price trajectory, asserting that this phase could offer distinct advantages for miners, particularly in the context of competitive hash-rate dynamics.

Gautam Chhugani and Mahika Sapra, in a communication addressed to clients on Monday, conveyed confidence in Bitcoin's resilience amidst its current price stability. They elaborated, "Bitcoin price action has been flattish, but we don't fear any major drawdown here. We expect Bitcoin to remain range bound (high 50Ks to low 60Ks) and break out on the upside to continue its upward adoption trajectory, as Bitcoin ETFs see allocation from RIAs, wealth platforms and other institutional funds."

As of the latest data from The Block's price page, Bitcoin is trading around $62,800, consolidating within a defined range, a pattern that Bernstein analysts view favorably for miners.

The recent negative adjustment in Bitcoin mining difficulty, culminating in a 5.7% drop, marks a significant development. Such adjustments occur approximately every two weeks to maintain a consistent block discovery rate. This particular adjustment, the most substantial since the bear market lows of 2022, coincided with a notable decline in the network hash rate, which fell by 10% since the previous adjustment on April 24. This dip in hash rate is attributed to a combination of weaker price support and increased operational costs post-halving, prompting the shutdown of higher-cost mining operations.

Despite the overall reduction in the network's hash rate post-halving, publicly-listed miners such as Marathon Digital, Riot, and CleanSpark have experienced a marginal increase in market share, according to Chhugani and Sapra. They anticipate these miners to further solidify their positions through both organic growth and strategic mergers and acquisitions.

Notable recent acquisitions by CleanSpark and Marathon underscore this trend, with CleanSpark acquiring mining sites in Mississippi and Wyoming, while Marathon invested in new facilities worth approximately $265 million. Riot, on the other hand, is expanding its capacity threefold at its Corsicana site in Texas.

The analysts emphasized that a temporary pause in Bitcoin's price ascent can be advantageous for lower-cost miners, enabling them to capitalize on capped hash rates and execute aggressive expansion plans. They elucidated, "Overall, a temporary pause in bitcoin’s price is actually good for the incumbent lower cost Bitcoin miners, as hash rates remain capped and strong miners can execute on their aggressive capex and M&A plans to grow market share."

In reaffirming their $150,000 Bitcoin price prediction, the Bernstein analysts underscored a confluence of factors supporting continued bullish sentiment in the cryptocurrency market.