According to a client report published Wednesday, BTIG analyst Jonathan Krinsky stated that after experiencing a -36% drop from its peak to its trough earlier this month, Bitcoin is now poised to continue its reflexive rebound, potentially returning to at least $100,000. Bitcoin was last trading at $92,451.30, up nearly 10% in the past five days, but still down 20% over the past month, according to Coin Metrics.
Analysts point out that despite recent pullbacks, cryptocurrency mining companies Cipher Mining and Terawaulf have performed exceptionally well during the cryptocurrency correction. Since Monday, Cipher Mining has risen 35%, and Terawaulf has risen 31%. Barclay's Crypto Mining Index has held its support level and is expected to have another 15% upside before encountering stronger resistance. Furthermore, ETH, the second-largest cryptocurrency by market capitalization, appears poised to reclaim the $3,400 level after falling 24% over the past month, last trading at $3,075.62, up nearly 13% in the past five days. Solana and XRP have risen 12% and 15% respectively during the same period. (CNBC)
