Bernstein is ‘now more confident’ about Bitcoin (BTC) surpassing $150,000 after massive rally.

Analysts Gautam Chhugani and Mahika Sapra said, “We believe institutions are staying away from Bitcoin proxies as Bitcoin miners are still primarily retail-traded stocks and traditional investors remain skeptical and still approach cryptocurrencies.” I wrote:

“With the price of Bitcoin hitting a new high of $71,000, we expect institutional interest in Bitcoin stocks to finally tilt and Bitcoin miners to be the biggest beneficiaries,” analysts said. He added that miners’ long-term trading requires “more patience.”

The report said rising Bitcoin prices and transaction fees would provide miners with a cushion against the halving, even if production costs doubled after the halving. The analysts added that outperformed Riot Platforms (RIOT) and CleanSpark (CLSK) “will post gross margins of ~70% and 60%, respectively.”

Mining stocks underperformed. As an investor, the Bitcoin rally is “Bitcoin sellers and miners selling.” The idea behind this trade is that it is safer to buy spot ETFs than to buy mining stocks exposed to the risk of the upcoming halving.

At the time of publishing, the price of Bitcoin was up more than 4% to about $72,269 on Monday. The CoinDesk 20 index CD20 also rose 4%.