Since the beginning of 2023, the price of Bitcoin has risen significantly relative to other asset classes, demonstrating once again to Wall Street that “digital gold” should not be discounted even despite legal battles with FTX and Binance.
Moreover, in recent weeks, we have seen strong momentum in Bitcoin, bouncing off support with ease even in the face of criticism from US Senator Elizabeth Warren, who is attempting to impose tighter restrictions on many aspects of crypto.
From a technical analysis perspective, we believe that the impulse wave marked on the chart as (3) was completed on December 8, 2023. After which a corrective wave (4) began, which will end in the range of $37,800-$38,200 per BTC, which is a potential opportunity to consider opening a long position ahead of its halving in April 2024.
After the end of the correction, the first stop for digital gold that we highlight is $49,500-$50,000. On a more global scale, we expect its price to reach $110,000 in 2024.
What are we doing?
Considering the significant decline in natural gas prices in recent months and its high reserves in the US and Europe, we believe this will also positively impact the margins of mining companies such as RIOT and HUT8.
We plan to open a long position in RIOT when its price reaches $11.8-$12 per share.
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Analyst’s Disclosure:
This article may not take into account all the risks and catalysts for the stocks described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental criteria or events change in the future, I do not assume any obligation to update this article.
Moreover, in recent weeks, we have seen strong momentum in Bitcoin, bouncing off support with ease even in the face of criticism from US Senator Elizabeth Warren, who is attempting to impose tighter restrictions on many aspects of crypto.
From a technical analysis perspective, we believe that the impulse wave marked on the chart as (3) was completed on December 8, 2023. After which a corrective wave (4) began, which will end in the range of $37,800-$38,200 per BTC, which is a potential opportunity to consider opening a long position ahead of its halving in April 2024.
After the end of the correction, the first stop for digital gold that we highlight is $49,500-$50,000. On a more global scale, we expect its price to reach $110,000 in 2024.
What are we doing?
Considering the significant decline in natural gas prices in recent months and its high reserves in the US and Europe, we believe this will also positively impact the margins of mining companies such as RIOT and HUT8.
We plan to open a long position in RIOT when its price reaches $11.8-$12 per share.
Show your support by liking👍, following✅, sharing🙌, and commenting✍! Feel free to share your ideas and charts below. Your engagement is crucial in spreading the word and maintaining the relevance of the content. Thanks for being an essential part of this community!
Analyst’s Disclosure:
This article may not take into account all the risks and catalysts for the stocks described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental criteria or events change in the future, I do not assume any obligation to update this article.
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