Markets saw a general decline in 2022 – but few market segments were hit as hard as crypto, with the leading currency, bitcoin, down by 64% this year.

But just because bitcoin is down doesn’t mean that investors can’t still make money on crypto. This fact should bring our attention to crypto miners, companies that buy and maintain the extensive computer servers needed to keep up the blockchain calculations that support crypto production. They make their money by selling some of the bitcoin they mine, so finding the right balance between facility expense and the price of bitcoin is essential to their success.

H.C. Wainwright analyst Kevin Dede acknowledges these issues in a recent note on the bitcoin mining industry. He writes, “The prolonged price depression’s related financial pressure, while not new, could place greater weight on bitcoin miner operating performance—certainly observations not at all novel to those plugged into the crypto-verse.”

However, Dede suggests ‘driving while looking through the windshield ahead versus the rear-view mirror,’ essentially, to look toward the future. And here Dede expects the bitcoin price will rise to $22,300 or even higher by year-end 2023, although he prefers to take a conservative stance.

In plainer words, Dede sees better days ahead for the industry. In his view, the previous crypto price hits have weeded out the unfit, and among those that remain, several are worth a second look from investors. So let’s do that….

#Betting #Crypto #Comeback #Analysts #Bullish #Bitcoin #Stocks

By Justin

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