Bitfarms Ltd.Long
$BITF - Time to Shine?
Updated
BITF This stock have been relatively unimpressive since its big rally in March 2024.
Bitfarms Ltd.
BITF presents a compelling bullish opportunity for investors as the company positions itself for significant growth. Despite underwhelming performance since its March 2024 rally, recent developments suggest potential for higher prices in the months ahead.With Bitcoin crossing the $100,000 mark, Bitfarms is well-positioned to capitalize on increased cryptocurrency adoption. Its synthetic HODL strategy, which saw a 286% rise in long-dated Bitcoin call options, reflects confidence in higher Bitcoin prices, further supporting its bullish outlook
In conclusion, Bitfarms’ strategic upgrades, market positioning, and Bitcoin’s bullish environment support a favorable outlook. Investors seeking exposure to the cryptocurrency mining sector may find
BITF an attractive candidate for medium- to long-term growth.I will post further Exit/ TP objective as we see
BITF move out of its current consolidation. Trade active
Current price @ $2.29
We can look for Buys here or lower - if the opportunity presents itself.
Note
Current Dealing Range 1
$1.65 - $3.28
Fib 0.50 = Fair Value = $2.47
Buys at $2.47 and lower = Discount for buys.
Note
Looking for Buys under the $1.65 Low
Note
$1.65 Low taken = Buy limit active
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