BTIG analyst: Bitcoin is expected to rebound to $100,000, with strong performance from mining stocks Cipher Mining and Terawulf

BTIG analyst Jonathan Krinsky stated in a client report on Wednesday that after experiencing a peak-to-trough decline of -36% earlier this month, Bitcoin is now expected to continue its reflexive rebound, potentially returning to $100,000. According to data from Coin Metrics, Bitcoin's latest trading price is $92,451.3, having risen nearly 10% over the past five days, but still down 20% over the past month.

The analyst noted that despite recent pullbacks, cryptocurrency mining companies Cipher Mining and Terawulf have performed well during the cryptocurrency downturn. Since Monday, Cipher Mining has risen 35%, while Terawulf has increased by 31%. Barclay's Crypto Mining Index has held its support level and is expected to have 15% more upside before encountering stronger resistance. Additionally, the second-largest cryptocurrency by market capitalization, ETH, which has fallen 24% over the past month, also seems poised to reclaim the $3,400 level, with its latest trading price at $3,075.62, having risen nearly 13% over the past five days. Solana and XRP have increased by 12% and 15%, respectively, during the same period.