Forecasters at Bernstein, an investment research firm, are considering Bitcoin miners as promising investments during an upcoming bullish market cycle.

A substantial 55% surge in the price of Bitcoin (BTC) signals a positive start to the year. As per TradingView data, this increase may pave the way for substantial future gains. Analysts at Bernstein are eyeing an optimistic year-end for BTC, with a target price set at $90,000.

In a recent research note shared initially by CoinDesk, analysts not only adjusted their year-end target from $80,000 to $90,000 but also highlighted the attractiveness of Bitcoin miners for equity investors. This appeal stems from various encouraging factors, including the emergence of a new Bitcoin bull cycle and significant inflows into exchange-traded funds (ETFs).

Investment Potential of Bitcoin Miners:
Gautam Chhugani and Mahika Sapra, the analysts behind the findings, emphasized the appeal of Bitcoin miners as compelling investments for those seeking exposure to the cryptocurrency market. They cited reasons such as the ongoing Bitcoin bull cycle, robust ETF inflows, proactive miner capacity expansions, and record-high miner revenues.

Hashrate Adjustments and Market Estimates:
Initially, Bernstein had anticipated a 15% reduction in hashrate due to post-halving shutdowns. However, given the prevailing market conditions, they are now revising this estimate to a more moderate 7% downturn. Analysts emphasized this adjustment in their latest reports, outlining the reasons driving this shift in projections.

Stock Price Adjustments and Market Response:
Bernstein's increased price target for CleanSpark (CLSK) to $30, a significant rise from the previous $14.2, accompanied their bullish outlook. Notably, CLSK shares increased by 2.6% on Thursday, further bolstering its impressive weekly and year-to-date gains by nearly 20% and 88%, respectively. Conversely, for Riot Platforms (RIOT), Bernstein lowered the price objective to $22 from $22.50, leading to a 3% decline in stock price on Thursday and a 12.5% monthly decrease. While maintaining a neutral stance on Marathon Digital (MARA), Bernstein raised its target price from $14.3 to $23, despite a nearly 3% drop in MARA's closing price on Thursday.

Market Trends and Outflows:
Recent data from Spot on Chain has shown negative inflows into spot Bitcoin ETFs for the third consecutive day. Additional insights from BitMEX Research emphasize a considerable outflow from Grayscale's Bitcoin trust, with a notable depletion of $359 million today and a staggering $13 billion since its inception.

According to TradingView's analysis, Bitcoin is presently hovering around the $65,800 mark, marking an impressive year-to-date increase of over 55%. This positive trajectory suggests continued market strength and investor interest in the cryptocurrency space.