CleanSpark stock: Elliot Wave analysis points to more CLSK upside

CleanSpark, a leading Bitcoin mining company, saw a surge in its stock price as Bitcoin rebounded and investors focused on the upcoming Bitcoin halving. The stock price climbed more than 20% to $20.25, approaching its year-to-date high of $23.80. Analysts believe there is more upside potential for CleanSpark, as it has experienced a significant increase in revenue and profit due to the rising Bitcoin price and low energy costs. However, concerns remain about how the company will perform after the halving event, which will reduce the number of coins produced per day. CleanSpark is preparing for the halving by reducing mining costs and ramping up production. The CEO expects the company to capture a larger portion of bitcoin rewards without additional infrastructure investments. Additionally, CleanSpark has a strong balance sheet with ample liquidity. Technical analysis using Elliot Wave suggests that the stock is in a strong bullish trend and is likely to continue rising, targeting its year-to-date high and potentially surpassing it before the halving event. Overall, CleanSpark’s prospects appear positive, but investors will closely monitor its performance post-halving.