Marathon Digital Holdings (MARA) is breaking out beautifully.
Last checked, the Bitcoin mining stock was up to $13.44 after bottoming out around $6 just days ago. From here, we’d like to see the stock run back to $16, near-term. Longer-term, the stock could potentially test $30.
All thanks to a recovery in Bitcoin, which now trades at $23,969.67.
After all, when BTC runs, the miners often follow.
Plus, BTIG analyst Mark Palmer believes Bitcoin could quadruple from current prices to $95,000 by 2023, as noted by U Today. Even the CEO of MicroStrategy, Michael Saylor has been buying weakness in Bitcoin, too.
Should that happen, MARA could explode along with it.
In addition, in the second quarter of 2022, Marathon Digital produced 707 self-mined Bitcoin, an 8% increase year over year from 654 bitcoin mined in Q2 2021. Year-to-date Marathon Digital produced 1,966 Bitcoin, a 132% increase year over year. In addition, the total number of miners installed and awaiting energization at Texas facilities increased to 29,640 miners.
Marathon Digital also just secured a five-year deal with Applied Blockchain, which builds and operates data centers throughout America.
