Bitcoin (BTC-USD) is making a roaring comeback right now, and somewhere out there, all those folks who mortgaged their houses to buy Bitcoin back around the $40,000 mark are either doing triumphant I-told-you-so dances or breathing silent prayers of thanks that they didn’t lose everything after all. And with Bitcoin passing the $45,000 mark, several Bitcoin stocks surged in sympathy.
The gains were amazing; Beyond (NASDAQ:BYON) added just under 3%, while Coinbase (NASDAQ:COIN) jumped just over 7%. Riot Platforms (NASDAQ:RIOT) added over 9%, and Microstrategy (NASDAQ:MSTR) surged up nearly 12%. Meanwhile, the winner of the day was Marathon Digital (NASDAQ:MARA), which blasted up an astonishing 14% in Wednesday afternoon’s trading session.
The latest high for Bitcoin is a level not seen in about a month when the first Bitcoin spot exchange-traded funds (ETFs) started trading. Reports note that the biggest reason behind the surge was connected to New York Community Bancorp (NYSE:NYCB) and its ongoing troubles, which make Bitcoin look like a safe haven asset by comparison. A second major reason could be recent acquisitions by so-called “whale” investors who have been piling in since the price was lower. Thus, some suggest that we may be entering a “strong bull cycle” that’s poised to last through this year.
Bitcoin Price Forecasts Are Looking Increasingly Rosy
Meanwhile, the price forecasts around Bitcoin are looking increasingly rosy, with the upcoming halving set to prove a major price catalyst. With a halving, the number of Bitcoin derived from each block of code that gets solved is cut in half, making it that much harder to mine fresh Bitcoin. That, in turn, means incoming supply will be on the decline, and scarcity will kick in as those who already have Bitcoin hang on to it. And that will ultimately raise the price as more dollars chase a limited number of Bitcoin.
Which Bitcoin Stocks Are a Good Buy Right Now?
Turning to Wall Street, the laggard in the field right now is COIN stock, a Hold-rated stock that offers a 1.91% upside potential on its $133.20 average price target. Meanwhile, RIOT stock is the leader, as this Strong Buy with a $18.13 average price target offers investors a 46.8% upside potential.
