BitFrontier Capital Holdings Inc (OTCMKTS: BFCH) is flying higher on the broader cryptocurrency sector turning bullish. A good number of cryptocurrencies have bottomed out from one-year lows, led by Bitcoin (BTC), a development that continues to trigger renewed investor interest in crypto and blockchain focused stocks.
OTCMKTS: BFCH Catalysts And Price Analysis
The stock is already up by more than 300% as it continues to register higher highs on pullbacks. A spike in recent weeks comes on the announcement that BitFrontier Capital Holdings has won a court case that paves the way for the cancellation of 99% of its outstanding common stock.
The Company announcing it has completed foundation and commenced construction of a first of its kind crypto mining facility is another development that continues to excite investors. The construction should allow the Company to ramp up mining operations at a time when cryptocurrencies are flying high.
The stock flying high does not come as a surprise as investor sentiments about cryptocurrency investments have improved a great deal in 2019. Heavy trading volume, as well as positive price action, are some of the developments that affirm the stock’s long-term prospects.
A spike to the $0.04 level means BitFrontier Capital Holdings is an ideal pullback play as it is currently flirting with record highs. As it stands, any pullback will have to contend with support at the $0.02 level, from where the stock spiked on its way to record highs.
A breach of the $0.02 level, on the other hand, would leave the stock susceptible to further drops probably back to the $$0.01 level.
In our view, BitFrontier Capital Holdings remains supported for further upside action above the $0.02 support level, given the bullish momentum in the cryptocurrency sector.
About BitFrontier Capital Holdings
BitFrontier Capital Holdings bills itself as a blockchain oriented company focused on cryptocurrency markets. The firm’s core business revolves around cryptocurrency mining as well as offering blockchain consulting services. The Company is also focused on cryptocurrency investments in both public and private entities.
Crypto Mining Facility Development
BitFrontier Capital Holdings is flying high in the market on winning a landmark court case that opens the door for it to cancel 99% of outstanding common stock totaling 12.3 billion. The cancellation should go a long way in reducing stock dilution in the market.
The cancellation comes on the heels of the Company commencing a landmark project that would be a key driver of the core business going forward. Contractors have finished construction of a foundation that will support the Company’s first crypto mining facility.
With the foundation intact, BitFrontier Capital Holdings has commenced the assembling of the first pre-fabricated steel warehouse.
Spencer Payne, CEO of BitFrontier Capital Holdings, states, “This is a very exciting time for the Company with the building arriving and construction starting any day. We expect to be operational during Q2 of 2019.”
Once complete, the Crypto mining facility will house 2,016 Bitmain s9j mining rigs per facility. The facility will spearhead the Company’s mining operations at a time when cryptocurrencies are slowly finding their way into the mainstream sector.
Early this year, BitFrontier Capital Holdings completed the acquisition of all outstanding shares of Telesis LLC. With the acquisition, the Company gains access to a company with a robust portfolio of assets poised to strengthen its prospects in the blockchain space.
In addition, TelesisIT joins BitFrontier Capital Holdings with reliable streams of revenues having produced annual revenue of $550,797 in 2016 and $542,181 in 2017.
“We are excited about the opportunity to expand into this huge potential growth industry with experienced professionals who understand how to implement blockchain into their operations,” stated Mr. Payne.
What Next For OTCMKTS: BFCH
BitFrontier Capital Holdings impressive run in the market is likely to continue given the underlying developments that continue to strengthen investor trust in the Company. The Construction of crypto mining facility could not have come at a better time as cryptocurrencies are trending higher. As long as cryptocurrency prices are trending higher, the Company should be able to generate significant returns from mining operations ideal for propping the stock’s market sentiments.
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Disclosure: We have no position in OTCMKTS: BFCH and have not been compensated for this article.