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Cryptocurrency News Articles
CleanSpark (CLSK) Is a 'Must-Own Mining Stock' Heading Into the Next Stage of Bitcoin's Price Cycle, Analyst Says
Sep 26, 2024 at 12:38 am
Shares of CleanSpark Inc CLSK climbed last week as Bitcoin BTC/USD prices rose, following the Federal Reserve's first interest rate cut in four years.
Shares of CleanSpark Inc (NASDAQ:CLSK) climbed last week as Bitcoin (CRYPTO:BTC) prices rose following the Federal Reserve's first interest rate cut in four years.
The company has grown faster than its peers over the past couple of years to become the second-largest public miner by deployed capacity, according to HC Wainwright.
Analyst Mike Colonnese reiterated a Buy rating and price target of $27.
The CleanSpark ThesisA call with management showcased why the company is a "must-own mining stock" heading into the next stage of Bitcoin's price cycle, Colonnese said in a note.
The analyst mentioned the main takeaways from the call:
"Management sees several near-term positive catalysts for BTC and the mining sector starting in 4Q24, including the upcoming election in November (regardless of who wins) and expects BTC to reach $185k this cycle, which would represent a ~3x increase from current levels," he further wrote.
CLSK Price Action: Shares of CleanSpark were flat at $9.62 at the time of publication on Wednesday.
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