Here’s Why Bitcoin Miners Could See Higher Highs

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FILE PHOTO: A Bitcoin and Dollar notes are seen in this illustration picture

Investors may want to keep an eye on oversold Bitcoin mining stocks, we noted on Jan. 30.

Especially with Bitcoin bouncing back from excessively oversold conditions.

Analysts at JP Morgan are saying that outflows from Grayscale’s covered spot Bitcoin ETF is largely behind us. “This would imply that most of the downward pressure on bitcoin from that channel should be largely behind us,” the analysts added, as quoted by Forbes.com.

Helping, Bitcoin is now above $50,000, and could push even higher on BTC ETF inflows, and the upcoming BTC halving event. All of this is great news for the miners we mentioned, including Marathon Digital Holdings (MARA), Riot Platforms (RIOT), and Bit Digital (BTBT).

In fact, since Jan. 31, MARA ran from about $18 to $27.34. RIOT ran from about $11 to $15.93, as BTBT popped from about $2.60 to $3.30 so far. Better, with BTC expected to move even higher on FOMO, these miners could see higher highs.