Analysts at research and brokerage firm Bernstein have raised their year-end price target for bitcoin to $90,000 from $80,000 amid improved market dynamics.

Ultimately, the analysts expect bitcoin to target $150,000 as the 2024-2025 cycle high, with Bitcoin’s upcoming halving event having less impact on miners than in previous years.

“Given general bull market conditions with strong ETF inflows, low miner leverage, and robust network transaction fees this cycle, the halving impact seems relatively mild on the miners, with dollar revenues cushioned,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Thursday.

Bitcoin’s next halving is estimated to occur on April 20, according to The Block’s Bitcoin Halving Countdown page. The event will see the reward for miners on the …