Bitcoin Rally and Its Nuances
Amid Bitcoin’s rollercoaster, marking a remarkable all-time high at 73,750.07 on Mar 14, the cryptocurrency demonstrated the essence of market volatility by plummeting over 17.5% before stabilizing at $66,982.84 on Mar 21. This price dip was swiftly countered by a more than 7% surge following the Fed’s discourse on three forthcoming interest rate cuts of 25 basis points each in 2024.
The cryptocurrency’s journey has been nothing short of gripping with an impressive surge of 74.5% this year, following an astonishing 157% spike in 2023. The U.S. Securities and Exchange Commission’s nod on Jan 10 for enabling spot Bitcoin exchange-traded funds (ETFs) catalyzed a revolutionary shift in the cryptocurrency landscape, ushering in the launch of 11 spot Bitcoin ETFs.
Opulent Projections
Forecasters speculate a prolonged upswing for Bitcoin. Standard Chartered’s forecast cues a $100,000 zenith by 2024 while Fundstrat’s prediction scales a target band of $116,000 to $137,000 this year. SkyBridge cuts a more optimistic figure with an anticipation of $170,000 by April 2025.
Additionally, VanEck foresees a medium-term target of $350,000 for Bitcoin. Dovetailing this, Connors envisages a base-case projection of $110,000 in 2024 and $140,000 in 2025 while posing a best-case scenario of $180,000 in 2024 and a substantial $450,000 by 2025.
Promising Stocks on the Horizon
In the realm of crypto-centric stocks poised for growth, five gems shine with potent allure in 2024. Laden with either a Zacks Rank #1 (Strong Buy) or 2 (Buy), these stocks imbue a sense of promise evolution in the crypto domain.
Bearing witness to substantial price performance, the chart below serves as a visual testament to the resplendent allure of these stocks year to date.
Image Source: Zacks Investment Research
NVIDIA Corp. NVDA emerges as a dominant figure in the semiconductor industry, propagating a narrative of triumph in 2023. With a forte in graphics processing units (GPUs), NVDA’s stocks often soar on the wings of a thriving crypto market. GPUs hold a pivotal role in data centers, artificial intelligence, and cryptocurrency creation.
Zacks Rank #1 NVIDIA forecasts an 82.3% earnings growth rate for the current year, culminating in January 2025. The consensus estimate for its current-year earnings has uplifted by 0.2% over the last seven days.
Coinbase Global Inc. COIN furnishes a financial backbone and technological infrastructure for the crypto economy globally. Rendering primary financial access in the crypto realm for consumers and institutions, COIN dispenses a marketplace replete with liquidity for transacting in crypto assets. Moreover, COIN facilitates technology and services enabling the development of crypto-based applications and secure acceptance of crypto assets for payment.
Zacks Rank #1 Coinbase Global anticipates a soaring earnings growth rate exceeding 100% for the ongoing year. The consensus estimate for the current-year earnings has surged by 51.5% over the past month.
Block Inc. SQ serves as an online digital and mobile payment platform, harmonizing consumer and merchant transactions. A parent company of Square and Cash App, SQ’s ecosystem empowers Cash App users to engage in Bitcoin trading, while the decentralized tbd platform offers a springboard for developers to construct decentralized finance applications operating on programmable blockchains. Noteworthy is SQ’s stature as one of the prominent Bitcoin investors.
Zacks Rank #2 Block envisions an earnings growth rate of 68.3% for the present year. The consensus estimate for the current-year earnings has bolstered by 0.3% over the last 30 days.
Robinhood Markets Inc. HOOD spearheads a financial services platform across the United States, enabling users to venture into stocks, exchange-traded funds, options, gold, and cryptocurrencies. With a robust presence in the crypto realm, HOOD facilitates transactions in Bitcoin, Ethereum, Dogecoin, and assorted cryptocurrencies via its Robinhood Crypto platform.
Zacks Rank #2 Robinhood Markets envisages an earnings growth rate eclipsing 100% for the current year. The consensus estimate for the present-year earnings has amplified by 15% over the past seven days.
CleanSpark Inc. CLSK operates as a Bitcoin mining entity in Americas, overseeing data centers predominantly powered by low-carbon energy sources. CLSK’s technological edifice supports Bitcoin operations, surmised as a digital asset fostering financial independence and inclusion.
Zacks Rank #2 CleanSpark anticipates an earnings growth rate of 89.2% for the current year, ceasing in September 2024. The consensus estimate for the current-year earnings has escalated by 41.7% over the last 30 days.
5 Stocks Set to Double
Each was handpicked as the top favorite stock projected to burgeon by +100% or more in the year 2024. Historical recommendations have witnessed stellar upticks of +143.0%, +175.9%, +498.3%, and +673.0%.
Most of the stocks spotlighted in this report lurk beneath the Wall Street radar, presenting a unique opportunity to engage at the nascent phase.
Today, Unveil These 5 Potential Home Runs >>
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Block, Inc. (SQ) : Free Stock Analysis Report
CleanSpark, Inc. (CLSK) : Free Stock Analysis Report
Coinbase Global, Inc. (COIN) : Free Stock Analysis Report
Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report