JPMorgan Lowers Price Targets on Bitcoin Miners, Sees Buying Opportunity
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
JPMorgan revised its price targets for several prominent Bitcoin mining companies on August 23, reflecting recent market shifts and company-specific developments.
Despite the downgrades, the investment bank sees potential buying opportunities in select miners.
The investment bank lowered its price targets due to two primary factors. The bank reduced its Bitcoin price prediction from $68,000 to $60,000, accounting for the decline in Bitcoin prices since its last update.
Additionally, the bank considered a higher baseline network hashrate assumption (increased from 600 to 615 exahash per second) and share count dilution in some mining companies.
These factors have led to a reduction in the target gross profit per EH/s estimates for the miners.
Particularly, JPMorgan analysts Reginald L. Smith and Charles Pearce provided updated price targets for several publicly traded Bitcoin miners.
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