Keep an eye on Bitcoin mining stocks, like Riot Platforms (RIOT).
Especially ahead of the Bitcoin halving event on April 20.
For one, according to one report from Holland & Knight, “Mining firms are focusing on efficiency and lean operations to remain profitable in the harsher economic landscape post-halving. They are gearing up for the halving event by upgrading to more efficient equipment (i.e., low energy costs) and buying up more mining facilities.”
Two, RIOT has a history of running higher ahead of and after the BTC halving event.
Ahead of the BTC halving on May 11, 2020, RIOT was trading at about 95 cents. By the halving date, it was up to about $1.70. Then, it soared to a high of $52.73. Ahead of the July 9, 2016 halving, RIOT traded around $2.84. By the halving date, it was above $3. By the end of 2017, it was up to $24. We’re looking for a similar move again this time around, too.