Bernstein Argues Bitcoin's 'Flattish' Price Action is Great for Public Miners

Analysts at research and brokerage firm Bernstein aren't worried about the "flattish" price action of Bitcoin BTC/USD, arguing that it can be great for miners — when economics are driven by competitive hash-rate wars. "Bitcoin price action has been flattish, but we don't fear any major drawdown here" Gautam Chhugani and Mahika Sapra wrote in a note to clients on Monday. "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." Bitcoin is currently trading for around $62,800, according to The Block's price page.