Now that bitcoin has pushed above its key resistance level of the year, the pressure is on for mining stocks, some of which could be in trouble if the cryptocurrency doesn't reach $50,000 by the second quarter of 2024. Earlier this week bitcoin climbed as high as $35,000 at one point, after being stuck under $30,000 for several months. But the Bitcoin halving is expected in the spring and it will likely reduce companies' revenue.
mountain Cleanspark shares year to date CleanSpark is the only mining stock in JPMorgan's coverage universe with an overweight rating, though its price target implies a 12% decline from current levels. Needham highlighted Riot and Cipher as its favorites, noting that their diversified revenue exposure could make impact from the halving more muted.