In a stunning turn of events, Bitcoin (BTC-USD) managed to surpass another record-high price in Friday morning’s trading, clearing the $70,000 mark and allowing everybody who mortgaged their houses to buy Bitcoin to finally break out the “I told you so” dances. Numerous Bitcoin stocks, meanwhile, are also gaining at a rapid pace.
Beyond Inc (NYSE:BYON) gained fractionally in Friday afternoon’s trading, while Riot Platforms (NASDAQ:RIOT) added nearly 3%. Popular exchange Coinbase (NASDAQ:COIN) jumped 5%, while Microstrategy (NASDAQ:MSTR) surged around 6.5%. The winner, though, was clearly Marathon Digital Holdings (NASDAQ:MARA), which blasted up nearly 7.5% in the session.
Today’s jobs report proved less disappointing than some expected, as more jobs were added than people looked for, but the jobs that were added weren’t exactly high-value positions that support families. That increased the chance that we’d finally see the Federal Reserve start to backtrack on rates, which are somewhere around “cripplingly high” right now. With a pivot now expected in June, that’s likely to help boost the price of Bitcoin.
How Far Can It Go?
The rise in Bitcoin has been nothing but astonishing, and the concomitant rise in Bitcoin stocks has been impressive in its own right. But how far can it go? That’s the question on a lot of minds, and one recent report slapped a number on the process: $138,000.
According to Pomp Investments’ Anthony Pompliano, three out of the previous four times that Bitcoin has hit a new all-time high, it has subsequently doubled in price before starting to retrace. We’ll know if this is accurate, amazingly enough, in about 18 days, as that’s how long it’s taken previously
Which Bitcoin Stock Is the Best Buy Right Now?
Turning to Wall Street, the leader in the sector right now is RIOT stock. This Strong Buy-rated stock offers investors a 64.5% upside potential against its average price target of $20.25 per share. Meanwhile, COIN stock is the laggard in the field, with this Hold-rated stock at an average price target of $178.43 actually yielding a downside risk of 29.96%.
