JPMorgan Indicates Bitcoin Miners Are Entering a 'Stronger Confidence Phase': Here Are Their Price Projections

JPMorgan Upgrades for Cipher and CleanSpark: Cipher Mining and CleanSpark received upgrades to Overweight from JPMorgan, with Cipher's price target raised to $18 and CleanSpark's maintained at $14, reflecting their strong positions in high-power computing (HPC) transitions.

HPC Capacity Expectations: JPMorgan anticipates that miners will announce approximately 1.7 gigawatts of additional critical-IT capacity by late 2026, highlighting the sector's ability to convert power assets into long-term HPC revenue.

Target Adjustments for IREN, MARA, and Riot: IREN's price target was increased to $39, but its rating remains Underweight. Conversely, MARA and Riot saw their targets cut to $13 and $17, respectively, due to falling Bitcoin prices and increased share dilution.

Market Performance and Technical Analysis: CleanSpark and Cipher Mining showed positive price movements, with CleanSpark trading near $11.15 and Cipher at $16.77, indicating strong buyer interest and potential for further gains if they maintain momentum above key resistance levels.