Summary
The underperformance of mining stocks may present an opportunity for investors to buy in. Analysts believe that the next two months will offer a chance to purchase bitcoin miners at a lower price, as they will provide a higher beta trade to the next bitcoin price increase. There may be a temporary weakness in bitcoin, but investors should still be long-term bullish, especially with the upcoming halving event in April. Bernstein recommends investing in bitcoin miners, specifically Riot Platforms and CleanSpark.
Key Points
1. The underperformance of bitcoin may present a buying opportunity for investors interested in mining stocks.
2. Analysts predict a potential short-term bottom for bitcoin in the range of $38,000-$42,000, but still recommend being “structurally long” ahead of the halving event expected in April.
3. Bernstein, a broker, reiterates its bullish call on bitcoin miners and recommends investing in Riot Platforms (RIOT) and CleanSpark (CLSK) for exposure to the cryptocurrency market.