• An analyst has predicted that crypto exchange Coinbase (COIN), business analytics firm MicroStrategy (MSTR), digital asset mining companies Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) stocks are primed for a reversal.
• The analyst also believes that if Bitcoin (BTC) manages to push above $29,700, it could reach a new 2023 high.
• He is also looking to accumulate the altcoin Solana (SOL) once BTC sweeps $29,500.
Analysts Predicts Rallies for Crypto-Proxy Stocks
Analyst Bluntz predicts that stocks with exposure to the crypto industry look far more bullish than the digital asset markets. The stocks of crypto exchange Coinbase (COIN), business analytics firm MicroStrategy (MSTR), digital asset mining companies Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) have all seen 13%-20% dips and Bluntz believes this is a good spot to expect reversals to the upside on all four of these major stocks.
Outlook on Bitcoin
When it comes to Bitcoin itself, Bluntz says that bulls can stage a comeback and send BTC to a fresh 2023 high if they manage to push the flagship digital asset above $29,700. At time of writing, BTC is trading at $29,261.
Bluntz is also looking into accumulating the smart contract platform Solana’s altcoin now that BTC has swept $29,500. At time of writing, SOL is currently worth $23.29 close to Bluntz’s downside target price .
Investors should be aware that their transfers and trades are at their own risk and any loses incurred are their responsibility. The Daily Hodl does not recommend buying or selling of any cryptocurrencies or digital assets nor are they an investment advisor .
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