Several Bitcoin BTC/USD Mining stocks are in the spotlight on Wednesday amid positive coverage from analysts and a rally in the broader cryptocurrency market.
What you should know: Cipher Mining Inc CIFR Stocks lead the way on Wednesday, up about 12% at last check, Benzinga ProShares closed Tuesday up 15.1% after the company announced the closure of a 300 MW data center in West Texas.
Including the Barber Lake site in West Texas and other recently announced purchases, Cipher said its portfolio is now expected to grow to more than 2.5 GW across 10 sites.
Macquarie analyst Paul Golding initiated coverage of Cipher on Tuesday evening with an Outperform rating and set a $6 price target. The analyst’s positive lead appears to be driving some of the name’s bullish momentum. Northland Capital Markets analyst Mike Grondahl also initiated coverage of Cipher with an Outperform rating on Wednesday morning.
Check this out: Bill Maher slams Bitcoin mining: “The nonsense of finding a number” means green energy progress is being “absorbed by cryptocurrencies”
Other Bitcoin miners appear to have benefited from positive analyst coverage on Wednesday. Several mining stocks rose in early trading before paring gains.
CleanSpark Inc CLS Analysts at HC Wainwright & Co. reiterated their buy rating. The firm maintained a $27 price target on CleanSpark shares. Macquarie also initiated coverage of CleanSpark on Wednesday morning with an Outperform rating and a $20 price target.
Macquarie initiated coverage on Marathon Digital Shares MARA and Riot Platforms Inc. RIOT Also, the firm gave both Bitcoin mining stocks Outperform ratings with price targets of $22 and $15, respectively.
The broader crypto space is getting a boost on Wednesday, led by Bitcoin, which is up 1.22% over a 24-hour period at the time of writing, hovering around $63,825. Bitcoin spot ETFs saw net inflows of $4.56 million to start the week.
As reported by Benzinga, cryptocurrency analyst Ilya Otichenko Otychenko believes that Bitcoin is facing strong resistance at current levels, but believes that a sustained break above the 200-day moving average could push prices towards $67,000. Based on historical indicators, Otychenko recently suggested that “Bitcoin could be on track to reach a new all-time high in the coming months.”
$BTC Price Action: At the time of publication, Bitcoin was up roughly 1.2% over the past 24 hours, Benzinga Pro.
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