Hive Blockchain stock price analysis as Bitcoin breaks out

July 04, 2023 04:37 AM AEST | By Invezz

Hive Blockchain stock price analysis as Bitcoin breaks out — Image source: Invezz

Bitcoin price breaks out

Hive Blockchain share price has made a strong recovery in the past few months, helped by the resurgent Bitcoin and other digital currencies. This rally mirrors that of other Bitcoin mining companies like Riot Platforms and Marathon Digital.

For starters, Hive Blockchain is a Canadian Bitcoin mining company valued at over $399 million. It has operations in Canada and the United States, where it mines and sells Bitcoin. As a result, the company makes more money when Bitcoin is in an uptrend.

Hive Blockchain reported strong financial results in June. Its annual revenue jumped to $106.3 million as it jhiked its ASIC hashrate by 50%. The rate moved from 2.0% Exahash in 2022 to the current 3.0. It increased the number of mined Bitcoins frm 3,258 to 3,503.

Still, Hive Blockchain is in a loss-making area. Its net loss came in at over $236.4 million because of the lower BTC prices and depreciation. It also had a $70.4 million impairment charge on equipment.

Despite these challenges, analysts believe that the company will have a strong performance this year, helped by higher Bitcoin prices. BTC has jumped by more than 100% this year. And as I wrote in this article, there is a likelihood that it will jump to $35,000 in the next few days. This performance will happen if Bitcoin crosses the year-to-date high of $31,400.

Hive Blockchain stock price forecast

The 4H chart shows that the HIVE stock price has been in a strong bullish trend in the past few months. Most importantly, the shares managed to move above the key resistance point at $4.30, the highest point on April 14th. It has also jumped above the 50% retracement point and the 50-day and 25-day moving averages.

The MACD and the Relative Strength Index (RSI) have also continued jumping, with the latter being in the overbought level. Therefore, I suspect that the shares will continue rising as long as Bitcoin’s momentum continues. If this happens, the stock will likely soar to the next key level to watch will be at $6 followed by the 78.2% retracement point at $6.23.

The post Hive Blockchain stock price analysis as Bitcoin breaks out appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.