Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside.
Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings.
Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining.
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