Bitcoin Market Rally & Future Prospects
The cryptocurrency sphere witnessed a formidable 2023, with Bitcoin (BTC) hitting an all-time high of 73,750.07 on Mar 14 and recording substantial growth. Despite a subsequent 6.6% dip, Bitcoin soared over 67% in the first quarter, following a remarkable 157% surge in 2023.
In addition, the impending Bitcoin halving event, expected in April 2024, heralds reduced mining rewards and heightened scarcity, historically driving up Bitcoin’s value due to constrained supply.
Optimistic Future Predictions
Notable research firms foresee a flourishing Bitcoin trajectory: Standard Chartered predicts $100,000 by 2024’s end; Fundstrat offers a target range of $116,000 to $137,000 for 2024; and SkyBridge forecasts $170,000 by April 2025.
VanEck eyes a medium-term target of $350,000. Meanwhile, Connors’s estimates suggest Bitcoin may reach $110,000 in 2024, with a best-case scenario projecting a lofty $450,000 by 2025.
Top Selections for Growth
Amid these projections, we’ve identified five stocks primed for 2024 growth, each holding a Zacks Rank #1 (Strong Buy) or 2 (Buy). Below is a visual representation of their performance year to date.
Image Source: Zacks Investment Research
NVIDIA Corp. NVDA, a semiconductor leader, thrived in 2023. NVDA’s stock excels in a surging crypto market due to its pivotal role in data centers, AI, and crypto asset creation.
Zacks Rank #1 NVIDIA projects an 84% earnings growth rate this year (ending January 2025), with a 2.7% increase in the Zacks Consensus Estimate for current-year earnings over the last month.
Coinbase Global Inc. COIN offers financial infrastructure for the crypto economy worldwide. COIN facilitates crypto transactions for individuals and institutions, fostering crypto-based application development and secure asset payments.
Zacks Rank #1 Coinbase Global anticipates over 100% earnings growth this year, with a 23.8% uptick in the Zacks Consensus Estimate for current-year earnings in the last week.
Robinhood Markets Inc. HOOD operates a US financial platform allowing stock, ETF, and crypto investments, including Bitcoin, Ethereum, and Dogecoin through its Robinhood Crypto service.
Zacks Rank #2, Robinhood Markets foresees over 100% earnings growth for the current year, with an 8.7% surge in the Zacks Consensus Estimate for current-year earnings over the last seven days.
CleanSpark Inc. CLSK, a Bitcoin miner, anchors itself in the Americas with data centers running on eco-friendly power. CLSK’s operations support Bitcoin, emphasizing financial independence and inclusion.
Zacks Rank #2, CleanSpark estimates an 89.2% earnings growth rate for the current year (ending September 2024), with over 100% improvement in the Zacks Consensus Estimate for current-year earnings within the last 60 days.
Interactive Brokers Group Inc. IBKR is a global electronic broker facilitating cryptocurrency transactions, including trading in futures. IBKR’s commodities futures trading desk extends customers the option to engage in cryptocurrency futures trading.
Zacks Rank #2 Interactive Brokers Group envisions a 7.1% earnings growth rate for the current year, with a 1.5% boost in the Zacks Consensus Estimate for current-year earnings over the last seven days.
5 Stocks Set to Double
Each selected by Zacks as the #1 favorite stock to potentially double in 2024. While not all winners, past picks soared +143.0%, +175.9%, +498.3%, and +673.0%.
The majority of stocks highlighted here operate discreetly within Wall Street’s purview, presenting a prime opportunity to join the fray early. For more updates on trading recommendations from Zacks Investment Research, download 7 Best Stocks for the Next 30 Days.
Source:Zacks Investment Research
Please note that the expressed views are those of the author and do not necessarily represent those of Nasdaq, Inc.
