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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> H.C. Wainwright analyst picks a side – CoinsMegaNews

H.C. Wainwright analyst picks a side

2 years ago CryptoExpert
btc miners better pick than btc analyst

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btc miners better pick than btc analyst

H.C. Wainwright analyst says mining stocks are better pick than BTC.
Mike Colonnese explained his view in a research note on Tuesday.
Bitcoin gained 40% in January, mining stocks 124% on average.

Mining stocks are significantly better than direct exposure for investors wanting to fully benefit from a further potential increase in bitcoin prices.

Mining stocks are massively outperforming BTC

Bitcoin investors were a happy lot last month as prices jumped nearly 40%. But Mike Colonnese says the gain was rather trivial compared to a whopping 124% increase on average in mining stocks.

More importantly, the analyst expects that outperformance to continue moving forward. His research note reads:

We expect improved mining economics, driven by higher BTC prices and moderating energy costs to drive upward estimate revisions for the group throughout 2023 and see continued multiple expansion for mining stocks.

Colonnese expects bitcoin prices to particularly celebrate once the U.S. Federal Reserve slams the breaks on raising rates and decides to pivot.

Colonnese names a ‘must-own’ mining stock

The H.C. Wainwright analyst also noted that mining stock continue to build on their gains even though bitcoin pared back a little over the past week.

Part of his bullish view on BTC miners is based also on their monthly production update. Three of them, in particular – Marathon Digital, CleanSpark, and Cipher Mining recently reported a sharp increase in the number of bitcoin they minted in January.

Consequently, Colonnese upgraded CIFR to “buy” this morning and said its shares could climb further to $3.0. That suggests about a 75% upside from here.

In January, Cipher Mining Inc improved its hash rate by roughly 48% versus the prior month. Colonnese dubbed it a “must-own” mining stock in his research note today.

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