Chart of Day: Marathon Digital (MARA) – 4/2

With Bitcoin back up $70,000, Bitcoin mining stocks are going along for the ride.

Look at Marathon Digital (MARA), for example.

mara

After bottoming out around $18, it’s just starting to pivot higher. Last trading at $22.58, we’d like to see it again challenge $34 near term. Helping, the Bitcoin halving event is nearing, institutional and retail interest are gaining momentum, and there’s significant FOMO (fear of missing out) at the moment.

Analysts like it here, too. Bernstein just raised its price target to $23 from $14.30. Analysts at B. Riley also raised their price target on MARA to $19 a share.

Mining stocks, like Marathon Digital (MARA) are some of the best ways to trade Bitcoin. That’s because the higher BTC goes, mining stocks are sure to follow. After all, its earnings potential is based on how well Bitcoin is doing.

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