BTIG analyst: Bitcoin is expected to rebound to $100,000, with mining stocks Cipher Mining and Terawulf performing strongly

BlockBeats News, November 28, BTIG analyst Jonathan Krinsky stated in a client report on Wednesday that after experiencing a -36% peak-to-trough decline earlier this month, bitcoin is now poised to continue its reflexive rebound, at least back to $100,000. According to data from Coin Metrics, bitcoin was last trading at $92,451.30, up nearly 10% over the past five days, but still down 20% over the past month.

The analyst pointed out that despite the recent pullback, crypto mining companies Cipher Mining and Terawulf have performed strongly during the cryptocurrency correction. Since Monday, Cipher Mining has risen by 35%, and Terawulf by 31%. Barclay's Crypto Mining Index has held its support level and is expected to have another 15% upside before encountering stronger resistance. In addition, ETH, the second largest cryptocurrency by market capitalization, after falling 24% over the past month, also appears poised to reclaim the $3,400 level, with its latest trading price at $3,075.62, up nearly 13% over the past five days. Solana and XRP have risen by 12% and 15% respectively during the same period. (CNBC)