Don’t write off Bitcoin just yet.
After plunging from nearly $70,000, the digital currency is showing signs of life. Should it continue to recover along with the broader market, Bitcoin could test $100,000.
In fact, according to Samson Mow, chief strategy officer for Blockstream, as quoted by Yahoo Finance, “We’ll see $100k within the first half of the year.”
According to NewsBTC.com, “The experts from the top fintech companies predict that by the end of 2022, bitcoin will reach an all-time high of $93,717 – more than 24K dollars higher than its current all-time high price.”
They added, “Experts predict that by the end of 2025, bitcoin will trade at $192k and mount up over 300% from its November 2021 peak and reach nearly half a million dollars by 2030.”
If that’s the case, investors may want to invest in beaten down crypto-beneficiaries, such as:
Marathon Digital Holdings (MARA)
As of January 1, 2022, the company produced approximately 3,197 self-mined Bitcoin in fiscal year 2021, an 846% increase. It produced 1,098 self-mined Bitcoin during Q4 2021, including a record 484.5 self-mined bitcoin during December 2021. It also increased total bitcoin holdings to approximately 8,133 BTC with a fair market value of approximately $375.8 million.
Plus, Jefferies analyst Jonathan Petersen, as noted by TheFly.com just “initiated coverage of Marathon Digital – which he sees being on pace to become the largest public Bitcoin miner on an EH/s basis in 2022 – with a Buy rating and $51 price target.”
Amplify Transformational Data Sharing ETF (BLOK)
The Amplify Transformational Data Sharing ETF is a great way to gain exposure to multiple companies that are involve in the development and utilization of blockchain technologies.
The ETF offers exposure to Marathon Digital Holdings, Hut 8 Mining, HIVE Blockchain, as well as large cap companies that have invested millions in Bitcoin. That includes Coinbase Global, Microstrategy Inc., Paypal Holdings, and Square for example.
MicroStrategy Inc. (MSTR)
MSTR plummeted from about $900 to about $307 on the cryptocurrency pullback. Oversold, with strong support, the stock is just starting to pivot higher. From a current price of $420, we’d like to see MSTR refill its bearish gap around $450 initially.
MSTR just invested another $25 million in Bitcoin. According to NDTV Profit, “MicroStrategy is reportedly the biggest corporate investor of the world’s largest cryptocurrency by market value. The company now holds a total of more than 1,25,000 Bitcoins.”
