Bernstein analyst: Expects Bitcoin price to remain range-bound and break upward

ChainCatcher news, according to The Block, analysts at Bernstein are not concerned about Bitcoin's "stable" price movements. They believe that when the economy is driven by a competitive hash rate war, it could be a good thing for miners.

Gautam Chhugani and Mahika Sapra stated in a report to clients on Monday, "The price movements have been flat, but we are not worried about a significant decline. We expect Bitcoin to remain in a range (50,000 to 60,000) and break upwards, continuing its upward adoption trajectory, as Bitcoin ETFs have seen allocations from RIAs, wealth platforms, and other institutional funds."