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The Bitcoin rally is just getting underway, we noted a couple weeks ago.
In fact, as it now nears $60,000, Bitcoin could easily see higher highs.
According to analysts at Bernstein, “Bitcoin’s best days are yet to happen as the ETF-driven market fuels fears of missing out (FOMO). In this context, they believe BTC is well-placed to soar to new record highs.”
On top of that, we have the Bitcoin halving coming up.
“Initially, Bernstein forecasted a Bitcoin rally following its halving event. However, given the massive success of the ETF launch and the continuous inflow into ETFs, analysts now anticipate a Bitcoin rally before the halving event,” added CoinMarketCap.com.
Plus, with a potential government shutdown, Bitcoin could rally even more.
While you can always just trade Bitcoin, here are a few stocks rallying right along with it.
Marathon Digital (MARA)
Mining stocks, like Marathon Digital (MARA) are some of the best ways to trade Bitcoin. That’s because the higher BTC goes, mining stocks are sure to follow. After all, its earnings potential is based on how well Bitcoin is doing. Helping, the company now holds 15,741 BTC as of Jan. 31. Even better, MARA just reported a 58% jump in the number BTC produced in January 2024.
Since mentioning MARA on February 14, it ran from about $29 to $32.68. From here, with BTC running hot, we’d like to see MARA closer to $40.
Riot Platforms (RIOT)
Another hot mining stock is Riot Platforms (RIOT).
According to the company, “As we approach the halving, which is expected to occur in April 2024, Riot also intends to leverage our ability to obtain Bitcoin at a significant discount to its current market price by retaining a greater proportion of our monthly Bitcoin production in the near term. This is made possible by our strong liquidity profile, and will further cement our position as one of the largest holders of Bitcoin.”
Event Trading is a way to flee from Wall Street, to become independent and self-reliant. The only way to recover bull market losses, in my opinion, is to find a way to make good money in a short amount of time while keeping risk to a minimum. That is the alternative offered by event trading. It’s for those who are ready to leave the Wall Street “experts” behind.
We cannot know exactly how much damage was inflicted on our economy by the collapse of the bull market. It resulted in a loss of wealth that may have knocked the business cycle, and thus the stock market, badly out of sync. In past decades, the business cycle has produced longer and longer periods of expansion followed by shorter and shorter contractions in which wealth is digested and redirected back to the economy. Redirected wealth helps pull the business cycle up from the depths and ignites a new expansion.
This time, much of the bull market was not put back into the economy. Investors who took profits of their tech stocks were impulsive rather than prudent. Flush with cash before the bubble burst, they bought new cars and vacation homes and $50,000 bottles of wine instead of reinvesting their profits. Capital that should have been used for future reinvestment in the economy is now gone.
Let’s look at what’s on the Calendar this upcoming week. While it looks like there’s far more events on the Calendar than typical, in reality not much gets me excited.
On top of that, unlike last week with Nvidia’s Earnings Release, I don’t see any stocks releasing their Earnings this upcoming week which have the ability to move the market as a whole (more on that in the next section).
Monday, February 26 After the Close: Zoom Communications (ZM)
Tuesday, February 27 Before the Open: Lowes (LOW) After the Close: eBay (EBAY)
Wednesday, February 28 Before the Open: Baidu Inc. (BIDU) After the Close: Salesforce (CRM)
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