The world has gone quiet on cryptocurrency lately as the bulk of attention centers on the potential economic impacts of the trade tariffs rolled out by President Trump. However, just like the stock market, the cryptocurrency asset class has become both correlated and forward-looking, with the outlook standing for the world today, something investors can see in the near lockstep price action between Bitcoin and the S&P 500 index.
Recently, in its latest run higher from the tariff scare dips, Bitcoin and the S&P 500 have attempted to reach back to their all-time high prices, if not try to get to brand new highs this time. With this in mind, investors can look for opportunities awaiting new capital in the lateral plays of the cryptocurrency world, as investing in Bitcoin itself can often prove too volatile a ride.
Just like gold’s price influences the bottom-line profits of gold miners, Bitcoin’s price influences the earnings power (and valuation) of a few technology stocks. Names like MARA Holdings Inc. (NASDAQ: MARA), Riot Platforms Inc. (NASDAQ: RIOT), and even CleanSpark Inc. (NASDAQ: CLSK) now stand in front of a new potential bull run in their stock prices, driven by the recovery rally of the cryptocurrency benchmark, which is Bitcoin.
MARA Stock: The Price Action Leader in The Pack
[content-module:Forecast|NASDAQ: MARA]The most sincere and transparent indicator that financial markets can give investors is price action because it only represents the current consensus view of the future outlook in an index or specific company. Knowing that both Bitcoin and the S&P 500 are pricing in a potential tariff deal resolution, investors can now drill down to find better opportunities.
Another truth about the market is that it will typically start to look at the bigger companies first regarding market capitalization. This is where MARA stock starts to lead the way, as it has left behind the definition of a bear market (20% sell-off from highs).
It is the biggest on this list, with a $4.2 billion market capitalization.
Investors can take this dynamic as a subtle message, one that implies this stock might be the one to lead (and keep leading) the pack in this cryptocurrency bull run. Understanding the fabric of the market as their full-time job, Wall Street analysts have recently come to the table to reiterate the belief that this will be the likely leader in the coming months.
HC Wainwright, in particular, reiterated their Buy rating on MARA stock as of late April 2025 while the markets were still in the midst of peak volatility driven by tariff uncertainty. This time, they also placed a valuation of up to $28 per share on the stock, calling for it to rally by as much as 93.2% from where it trades today.
Bottoming Begins at Riot Platforms
[content-module:Forecast|NASDAQ: RIOT]Over the past month, the signs coming out of Bitcoin and MARA stock have spilled over into the smaller names in the space, as is typically the case. Now that Riot Platforms stock has fallen to only 53% of its 52-week high, some bearish traders decided that the juice isn’t worth the squeeze in being short this stock and the industry as a whole.
This is why investors can note that Riot Platforms’ short interest has declined by as much as 2.6% this past month alone, a clear sign of bearish capitulation as these short sellers understand that risk-reward ratios now favor the bold buyers in the stock today.
Like MARA stock, some Wall Street analysts have come together to give retail traders a view of what Riot Platforms stock might hold for them in the future. Particularly those at Piper Sandler after they placed a $18 price target on the company as of late April 2025, which would call for just over 100% upside potential compared to today's low price.
The trend is starting to become clear for these lateral cryptocurrency plays. The theme seems to be centered around triple-digit upside as the benchmark continues to reach higher highs.
Upside Tail Risk Is CleanSpark’s Advantage
[content-module:Forecast|NASDAQ: CLSK]This is the most discounted name on today’s list, trading at only 43% of its 52-week high, which likely also creates the biggest upside tail risk in this new cryptocurrency bull run. Some institutions have started to catch up to this theme, as seen in the net $34 million worth of institutional buying over the current quarter.
A new conviction to buy this beaten-down Bitcoin miner aligns with the broader thesis that Bitcoin’s higher prices will likely help these names deliver better-than-expected earnings, driving their prices higher. However, regarding CleanSpark, most returns are on today’s list.
With Wall Street analysts' consensus price target set at $21.6 per share, investors can expect a net implied run of up to 144.9% from today's low, crystallizing the view of a potential upside tail risk in a stock that likely has already priced in all its downside at these levels.
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