<div id="readability-page-1"><p><img width="2560" height="1707" src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/01/bitcoin-miner-argo-shares-surge-scaled.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/01/bitcoin-miner-argo-shares-surge-scaled.jpg"/></p><p>Bitcoin mining stocks have had a successful performance in 2023, helped by the strong BTC performance. Those listed in the US like Riot Platforms, Marathon Digital, Cipher Mining, and Hive Blockchain have been the top performers in the Russell 2000 index. Argo Blockchain (LON: ARB) (NASDAQ: ARBK) has underperformed, with its stock rising by 43% this year.</p><h2>Bitcoin price nears a breakout</h2><p>Argo Blockchain is a small zCash and Bitcoin mining company listed in the United States and the UK. Its Bitcoin mining operations have a hashrate of 2.5 EH/s while its zCash operations have a hashrate of 280 MS.</p><p>Argo Blockchain has underperformed other mining stocks this year since companies like Hive, Cipher, and Marathon Digital have all jumped by more than 100%. This performance is mostly because Argo is more vulnerable than the other Bitcoin mining companies. It is so risky that it almost went bankrupt in 2022 because of its huge debt.</p><p>Argo Blockchain is now focused on growing its Bitcoin mining revenue and reducing costs. In the first quarter, its revenue came in at $11.4 million while its mining profit came in at $5.6 million. It also reduced its debt by 70% while its cash on hand came in at $14 million.</p><p>Most of this cash came from the $100 million bailout by Galaxy Digital. As part of the transaction, Galaxy acquired Helios Bitcoin Mining facility, a key part of the company.</p><p>I believe that Argo Blockchain share price will continue rising if Bitcoin makes another bullish breakout above the year-to-date high. As I wrote in this report<strong> </strong>on Monday, a bullish move above this level in a high-volume environment will lead to more upside for the coin.</p><p>It will open the possibility of it rising to $35,000 followed by $40,000. Such a move will be positive for Argo Blockchain and other mining stocks.</p><h2>What next for the Argo Blockchain share price?</h2><figure><img width="1024" height="502" src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/argo-blockchain-share-price-1024x502.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/argo-blockchain-share-price-1024x502.png"/></figure><p>Turning to the daily chart, we see that the ARB stock price has moved sideways in the past few months. It formed a falling wedge pattern, which is shown in orange. In price action analysis, this pattern is usually a bullish sign. The price has moved above the upper side of the wedge pattern.</p><p>At the same time, the 25-day and 50-day exponential moving averages have made a bullish crossover. Therefore, the stock will likely more upside if Bitcoin price continues rising. If tis happens, the next level to watch will be at 20.90p, which is about 75% above the current level.</p><p>The post Argo Blockchain share price falling wedge points to a 75% upside appeared first on Invezz</p></div>

ARBK

<p>Argo Blockchain's share price is poised for a potential 75% upside, driven by a falling wedge pattern and Bitcoin's bullish performance. Despite underperforming other mining stocks in 2023, Argo has reduced its debt and increased cash reserves. A bullish breakout in Bitcoin could further boost Argo's stock, with a target level of 20.90p, 75% above the current price.</p>