$Bitfarms Ltd.(BITF)$ $CME Bitcoin - main 2410(BTCmain)$ πΊπ ±ππ »π »π Έππ ·πΊ
Target π― $4 minimum $BITF
ποΈπ°π¨ Source: The Kobeissi Letter:
Bitcoin is back.
While everyone was focused on stocks, #Bitcoin silently began a new bull market.
Over the last 12 months, crypto has added $1.3 TRILLION of market cap.
If Bitcoin was a company, it would be the 8th largest company in the WORLD.
What happened?
Bitcoin is back.
While everyone was focused on stocks, #Bitcoin silently began a new bull market.
Over the last 12 months, crypto has added $1.3 TRILLION of market cap.
If Bitcoin was a company, it would be the 8th largest company in the WORLD.
What happened?
Over the last 12 months, Bitcoin is now up a whopping 142%.
Since January 1st, Bitcoin is up 55%.
This makes Bitcoin a better performer than every Dow Jones component.
As risk appetite has returned, Bitcoin has benefitted more than most asset classes.
When you compare Bitcoin and gold, it's not even close right now.
Since the start of 2023, Bitcoin is up over 312% while Gold is up just 45%.
But, it no longer appears that Bitcoin is a safe haven asset which has actually benefitted crypto bulls.
Something changed in 2020.
Bitcoin returns have been positively correlated with the S&P 500's returns.
Prior to 2021, Bitcoin and the S&P 500 saw negative correlation.
This shift is bullish for crypto as the S&P 500 has always averaged a positive return over the long-run.
The election has also been a major factor here as Trump's odds of winning have skyrocketed recently.
His pro-Bitcoin stance is being priced-in and could open for new all time highs soon.
Bitcoin bulls believe a Trump win would spur more demand.
Lastly, Bitcoin has been highly profitable from a trading perspective.
Technicals have been incredibly accurate and here is the chart we have been trading all year on our private feed.
Price action in Bitcoin is more technical than most markets.
It's a trader's dream.
@Tiger_comments @TigerStars @TigerPicks @TigerObserver @TigerPM @Daily_Discussion @TigerWire @TigerGPT
Modify on 2024-10-21 17:06
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Bitfarms Ltd. Stock Analysis
Company Overview:Bitfarms Ltd. is a cryptocurrency mining company. They operate blockchain computing centres that power the global decentralized financial economy.
Earnings and Forecast:
The forecast for the fiscal year 2024 shows an expected EPS of -0.24 USD, forecast gross income of 221.78 million USD, and a forecast EBIT of -65.18 million USD.
The forecast for the fiscal year 2025 shows an expected EPS of 0.02 USD, forecast gross income of 512.05 million USD, and a forecast EBIT of 54.80 million USD.
Analyst Recommendation:
There is one recommendation, with 5 buy and 1 hold ratings.
Analyst Target Price:
The mean target estimate from 8 analysts is 3.89363 USD, with a range from 2.3 USD to 5.09907 USD.
Capital Flow:
The capital flow data for the past 5 days shows inflows and outflows, with a total inflow of 3341.62 million USD and a total outflow of 3159.51 million USD.
Support and Resistance Price:
As of October 18th, the support price is at 2.0 USD, and the resistance price is at 2.06 USD.
Profitability Ratio:
The profit ratio as of October 18th is 0.2991.
Earnings Results:
The earnings report for the second quarter of 2024 showed an EPS of -0.07 USD, a return on equity of -25.35%, and a gross profit margin of -27.14%.
Stock Price:
As of October 21st, the stock price is 2.06 USD.
Summary and Analysis:Based on the analysis, here are the key points for Bitfarms Ltd.:
Bitfarms operates in the cryptocurrency mining industry, which has been experiencing growth.
The company's earnings forecast shows varying results for the fiscal years 2024 and 2025.
Analyst recommendations suggest a positive sentiment towards the stock, with a mean target estimate of 3.89363 USD.
The capital flow data indicates recent inflows and outflows.
The support and resistance prices provide important levels to watch in the stock's price movement.
The profitability ratio indicates the company's ability to generate profit.
The earnings results for the second quarter of 2024 show negative figures in some areas.
Please note that the above information is for reference purposes only and should not be considered as investment advice. The stock market carries inherent risks, and investors should conduct their own research and analysis before making any investment decisions.
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