Bernstein: Bitcoin’s Price Will Reach $200,000

Bernstein analysts have given an outperform rating to Core Scientific and IREN, two companies that combine Bitcoin mining and AI data center strategies.

They believe that Bitcoin miners are becoming ideal partners for building and operating AI data centers due to their power and data capabilities.

The recent deals made by Core Scientific and IREN, such as Core Scientific’s partnership with CoreWeave and IREN’s deal with Poolside, have been major contributors to their success.

Other institutions, such as JPMorgan, have also noticed the potential in Bitcoin miners following these deals. The analysts have set a price target of $17 for Core Scientific and $26 for IREN, showing potential upside of 64% and 78%, respectively.

Despite closing down on Tuesday, the analysts have a positive outlook for the companies.