Summary:
Cipher Mining (CIFR) shares surged by 12% after acquiring a 300 MW data center.
Analysts from Macquarie and Northland Capital Markets gave Outperform ratings to Cipher.
CleanSpark (CLSK) and other miners also benefitted from positive coverage and price targets.
Bitcoin trading around $63,825, up 1.22% amid $4.56 million in ETF inflows.
Analyst Ilia Otychenko predicts Bitcoin could reach $67,000 if it breaks resistance.
Several Bitcoin (BTC) mining stocks are making headlines as they experience significant gains amid positive analyst coverage and a general uptick in the cryptocurrency market.
Key Developments:
Cipher Mining Inc (CIFR) is at the forefront, with shares climbing approximately 12% recently, following a 15.1% increase the previous day after announcing the closing of a 300 MW data center site acquisition in West Texas. This expansion grows Cipher's portfolio to over 2.5 GW across 10 sites.
Analyst Insights:
Macquarie analyst Paul Golding has initiated coverage on Cipher with an Outperform rating and a price target of $6. This positive outlook has contributed to the stock's upward momentum. Additionally, Northland Capital Markets has also given Cipher an Outperform rating.
Other Mining Stocks on the Rise:
CleanSpark Inc (CLSK) also saw favorable analyst coverage, maintaining a Buy rating with a price target of $27. Similarly, Macquarie has initiated coverage on Marathon Digital Holdings (MARA) and Riot Platforms Inc (RIOT) with Outperform ratings and price targets of $22 and $15, respectively.
Market Overview:
The broader crypto space is benefiting, with Bitcoin up 1.22%, trading around $63,825. Bitcoin spot ETFs have experienced net inflows of $4.56 million this week.
Future Predictions:
Crypto analyst Ilia Otychenko suggests that while Bitcoin faces resistance at current levels, a sustained break above the 200-day moving average could propel prices toward $67,000. Historical indicators hint that Bitcoin might be on track for a new all-time high in the coming months.
Current Price Action: At the time of writing, Bitcoin has increased by 1.2% over the past 24 hours.
Photo: Benjamin Nelan from Pixabay.
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