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Shares of Bitcoin mining companies, including Marathon Digital Holdings, Inc. (NASDAQ:MARA) and Riot Platforms, Inc. (NASDAQ:RIOT), are falling Friday as the price of Bitcoin dips below $56,000.
The Details:
Bitcoin has fallen nearly 12% over the past five days as investors watch the movement of a large amount of Bitcoin by Mt. Gox from a cold wallet to a new wallet, possibly in preparation for payouts to its creditors.
Bitcoin’s open interest has plunged 7% in the last 24 hours. A fall in price combined with a fall in open interest is viewed by some analysts as a good sign because the downtrend might end once all long sellers have closed their positions.
Read Next: Coinbase Shares Tumble With Bitcoin: What’s Going On?
However, Cryptocurrency analyst Ali Martinez recently expressed concerns that more potential downsides may follow for Bitcoin.
“Bitcoin closing below $57,000 could spell trouble, with potential support only at $51,000,” Martinez stated.
At the time of publication, Bitcoin is down 3.51% over the past 24 hours at $55,430.82, according to data from Benzinga Pro.
Smaller Bitcoin miners, like CleanSpark, Inc. (NASDAQ:CLSK), TeraWulf Inc. (NASDAQ:WULF) and Bitfarms Ltd. (NASDAQ:BITF), are also trading lower with the price of Bitcoin.
When trying to assess whether or not Marathon Digital Holdings will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $22.19 on Marathon Digital Holdings. The Street high target is currently at $27 and the Street low target is $14. Of all the analysts covering Marathon Digital Holdings, 4 have positive ratings, 2 have neutral ratings and 2 have negative ratings.
In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Marathon Digital Holdings have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Marathon Digital Holdings is 25.97% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Marathon Digital Holdings, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
MARA, RIOT Price Action: According to Benzinga Pro, Marathon Digital shares are down 6.82% at $19.55 and Riot Platforms shares are down 4.02% at $9.18 at the time of publication Friday.
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