Bitfarms (BITF): Bullish breakout watch

Bitfarms (BITF): Bullish breakout watch from a massive double bottom

Bitfarms (BITF), a technology stock operating integrated bitcoin data centers, is positioned for an upside breakout from a massive double bottom from the late 2022 and mid-2025 lows.

A decisive move above 3.81 (38.2% retracement of the late 2021–late 2022 decline) and 3.91 (February 2024 high) would confirm the pattern and signal upside potential toward 4.86 (50% retracement), 5.92 (61.8% retracement), and 7.50 (double bottom target).

Confidence in this setup remains while the stock holds above this week’s upside gap at 3.19–3.15, with additional support from the mid-September gap at 2.33–2.25.

Chart 1: Bitfarms (BITF) (top) and relative to the S&P 500 (bottom)