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Bitcoin Miners In A Bearish Pullback

Ecoinometrics

Mar 12

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While Bitcoin is teetering on the edge of another dip, all the downstream assets from altcoins to Bitcoin stocks are hurting.

Bitcoin mining stocks are struggling the most right now.

And if the scenario we described on Monday comes to pass, they are about to face even greater challenges.

Let's talk about it.

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The Takeaway

Bitcoin mining stocks have been declining since December's Fed pivot, ahead of broader market weakness.

With miners typically losing 19% monthly during Bitcoin pullbacks and current market conditions deteriorating, more downside appears likely.

Though miners seem undervalued, now isn't the time to buy, even those with substantial Bitcoin holdings. The prudent strategy is to wait until miners with strong treasuries trade closer to their Bitcoin holdings' value.