BMNR Stock Soars on Golden Cross Pattern and Staking Revenue
BitMine (BMNR) stock has dropped to $26.43 this week due to the broader crypto market weakness, but analysts believe it may surge in October as the company concludes its Ethereum buying process.
The company is 98% of the way to hitting its target and has staked over 5.1 million tokens, earning significant revenue from ETH staking. Tom Lee estimates that BitMine's annualized staking revenue will be worth over $358 million, eventually increasing to $424 million when all tokens are staked.
The bullish catalysts for BMNR stock include the slowing down of dilution and a boost in ETH staking intensity as the company completes its Ethereum purchases. Additionally, the market's demand engine is expected to lift ETH and BitMine's NAV (Net Asset Value) due to accelerating spot ETF inflows.
The technical indicators are also highly supportive, with BMNR forming a bullish flag pattern and a golden cross pattern. The stock remains above the ascending trendline and Supertrend indicator, making it likely to continue rising towards its target of $35.