Bitcoin (BTC) may be close to bottoming out.
After plunging from about $70,000 to less than $20,000, it appears the worst has been priced into the digital currency.
Better, according to MarketWatch.com, “Anthony Scaramucci, founder and managing partner at SkyBridge Capital, said he believes that the worst of the crypto bear market has already passed, after crypto hedge fund Three Arrows, lender Celsius and broker Voyager went into bankruptcy.”
He also believes BTC has a fair value of $40,000.
If the worst of the pullback is over, investors may want to consider BTC mining stocks.
Marathon Digital (MARA)
Now back up to $13.15, MARA could push even higher on a BTC recovery.
Even better, the company recently produced 707 self-mined Bitcoin during Q2 2022, an 8% increase from 654 bitcoin mined in Q2 2021. Year-to-date through June 30, 2022, the Company produced 1,966 Bitcoin, a 132% increase over the same time period in the prior year.
Riot Blockchain (RIOT)
RIOT is also recovering nicely. At the moment, it’s consolidating around $7.81, and could potentially refill its bearish gap around $10, near-term. Helping, the company just announced it produced 421 BTC in June 2022 – a 73% improvement year over year. To date, RIOT now holds about 6,654 BTC. It also has a deployed fleet of about 42,455 miners.
Hut 8 Mining (HUT)
HUT is also pushing higher. It’s consolidating around $2.20 and could eventually test $3.50, near-term. As of June 2022, HUT mined 328 BTC. To date, HUT also now owns 7,406 BTC. “The team had a successful month in North Bay and will continue to scale up over the next few weeks,” said Jaime Leverton, CEO. “We are confident that our HODL strategy, coupled with the uncorrelated recurring revenue from our high performance computing business, will allow us to continue to successfully navigate the current market.”