Upcoming event is the catalyst
Upcoming event is the catalyst
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Dear Fellow Investor,
"Keep an eye on Bitcoin mining stocks," we said on April 19.
"Historically, most push higher prior to and after Bitcoin halving events. Look at Marathon Digital (MARA), for example. With the May 11, 2020 halving, MARA ran to 72 cents ahead of time. From there, it ran to $44.35. With the 2016 halving event on July 9, MARA traded at $30.77 ahead of it. Heading into the halving, it was up to $45. After, it would hit $48.48 a share. With the 2012 event on Nov. 12, MARA traded at about $104 and would drop to a low of about $38.48. It would recover to a high of $116 by late 2014, though," we added. As hoped, all of the major Bitcoin mining stocks popped.
Company: Marathon Digital (SYM: MARA)
Since April 19, MARA ran from a low of about $15.10 to a recent high of $19.48. Not a bad return for a week, but it could push aggressively higher, as it has historically. In fact, from $19.48, we'd like to see it closer to $24 again shortly.
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Company: Riot Platforms (SYM: RIOT)
Riot Platforms (RIOT) ran from about $8.50 to a high of $12.44 since Monday, too. While it's stuck at double-top resistance, it could race to $18 again once it does break free.
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Company: Hut 8 Mining (SYM: HUT)
Even Hut 8 Mining (HUT) ran from $7.80 to a high of $9.81. Now at $8.86, we believe this one could retest its prior high of $12 shortly. Even better, according to Forbes.com, "In January 2014, bitcoin was worth approximately $800. By January 2024, it was worth more than $42,000. That represents a price increase of better than 5,150% and an annualized return of more than 135% per year over the past decade. If bitcoin experiences that same rate of appreciation in its average annual returns, it will reach $98,700 in January 2025 and hit $100,000 in February of that same year." Unfortunately, prior events aren't always solid predictors of the future. But let's hope it's true. Because if it is, mining stocks would explode along with Bitcoin.
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