Betting on a Crypto Comeback; Analysts Bullish on These 3 Bitcoin Stocks

Markets saw a general decline in 2022 – but few market segments were hit as hard as crypto, with the leading currency, bitcoin, down by 64% this year.

But just because bitcoin is down doesn’t mean that investors can’t still make money on crypto. This fact should bring our attention to crypto miners, companies that buy and maintain the extensive computer servers needed to keep up the blockchain calculations that support crypto production. They make their money by selling some of the bitcoin they mine, so finding the right balance between facility expense and the price of bitcoin is essential to their success.

H.C. Wainwright analyst Kevin Dede acknowledges these issues in a recent note on the bitcoin mining industry. He writes, “The prolonged price depression’s related financial pressure, while not new, could place greater weight on bitcoin miner operating performance—certainly observations not at all novel to those plugged into the crypto-verse.”

However, Dede suggests ‘driving while looking through the windshield ahead versus the rear-view mirror,’ essentially, to look toward the future. And here Dede expects the bitcoin price will rise to $22,300 or even higher by year-end 2023, although he prefers to take a conservative stance.

In plainer words, Dede sees better days ahead for the industry. In his view, the previous crypto price hits have weeded out the unfit, and among those that remain, several are worth a second look from investors. So let’s do that. Using the TipRanks data platform, we’ve pulled the details on several players in the bitcoin mining industry, all Buy-rated with triple-digit upside potential for the coming year. Here they are, along with comments from the analysts.

Riot Blockchain, Inc. (RIOT)

First up on our list, Riot Blockchain, is a small-cap firm, with a market cap of $550 million, but is one of the major players in the US crypto mining sector. The company’s operations are based in Texas, and the company has 72,428 deployed mining sets with a total hashrate of 7.7 EH/s (as of the end of November). Riot is in the…

..

Read More

About The Author

Related posts