Marathon Digital Holdings (MARA)

Oct 15, 2021Trade Ideas

Bitcoin has been incredibly explosive.

After pulling back on Chinese threats – which were shrugged off – the digital currency is about to break above $60,000. If it can, Bitcoin could test a prior high of $63,682. From there, $70,000, $80,000, even $100,000 may not be out of the question.

With Bitcoin surging, investors may want to consider buying the mining stocks, like Marathon Digital Holdings (MARA), which is now testing double top resistance around $43.60. If it can break out, it could test a prior high of $57.75. Pushing it higher, analysts at DA Davidson just initiated a buy rating on the MARA stock with a $65 price target.

“The company’s focus on leveraging hosting partners allowed them to purchase over 130,000 top-of-the-line machines,” according to DA Davidson analyst Christopher Brendler, as noted by “Brendler further notes that Marathon’s new rigs are already coming online and its top line is set to grow by over 100%, but the stock’s enterprise value is at just 4-times expected FY23 EBITDA.”

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