JP Morgan: Bitcoin’s outperformance means some of the expected post-halving rally may have arrived early

PANews, April 17, according to CoinDesk, JPMorgan Chase (JPM) said in a research report on Tuesday that the recent weakness in mining stocks before the Bitcoin halving provides investors with an attractive entry point. From March 31 to April 15, the total market value of the 14 U.S.-listed Bitcoin mining companies tracked by the bank fell by 28%, or $5.8 billion, to $14.2 billion. All of these stocks underperformed Bitcoin, falling at least 20%.

The report noted that Bitcoin is up 43% so far this year and 130% over the past six months, as "part of the typical post-halving rally appears to have been pulled ahead of schedule." Bitcoin’s quadrennial reward halving, which will slow the growth of Bitcoin’s supply, is expected to occur around April 19-20.

The bank said it is particularly bullish on overrated Riot Platforms (RIOT) and Iris Energy (IREN) as the stocks offer attractive relative valuations. “As the Bitcoin halving approaches, we expect increased volatility and trading volume in both Bitcoin and mining stocks,” the analysts wrote.