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Bitcoin Mining Stocks Enticing Bulls Ahead of Halving Event Bitcoin Mining Stocks Enticing Bulls Ahead of Halving Event

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Bitcoin (BTC-USD) mining stocks seem to have bottomed out post the approval of U.S. spot bitcoin exchange-traded funds last month, as per a recent note by Bernstein. The note strongly recommends purchasing their preferred stock options – Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK) – before the upcoming bitcoin halving event.

Earlier this week, bitcoin (BTC-USD) broke out of a three-week consolidation zone, and its gains extended to over $47K on Friday. Over the past five sessions, bitcoin has surged by 10.3%. Consequently, BTC miners and other crypto-related stocks, which are viewed as high-beta versions of the underlying token, also saw an upswing.

Analyst Gautam Chhugani emphasized that the price of bitcoin typically rises after a halving, where the reward for BTC miners is halved. The next halving event is anticipated to occur around April 2024.

β€œThis time, Bitcoin’s price action appears stronger before the halving, and in our perspective, this momentum is likely to be sustained throughout the year,” the Thursday note highlighted.

Overall, β€œconsidering the positive ETF flows momentum, resilient BTC price action, and healthy miners adding capacity into the halving, we feel confident in recommending investors to position themselves in the Outperform-rated Riot (RIOT) and CleanSpark (CLSK),” the note summarized.

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