Hive crash mirrors Bitcoin retreat; Analysts expect a bounce

Hive Digital Technologies’ stock price has entered a bear market, down over 53% from its year-high.

The stock, listed on NASDAQ under the ticker symbol HIVE, traded at $3.50, down from its October high of $7.82. It has tumbled to its lowest level since Sept. 26.

Why Hive Digital stock has crashed

Hive Digital stock jumped by over 500% from its April low to its October high. This rally was driven by the recent Bitcoin (BTC) bull run that pushed it to a record high in October.

The company also surged after announcing plans to pivot into the artificial intelligence and high-performance computing industries. This strategy mirrors that of other Bitcoin mining companies, such as Core Scientific, IREN, and Bitfarms, which have become multi-billion-dollar entities. 

Recently, Hive stock price has crashed due to the ongoing crypto market downturn. Its retreat is also similar to other AI data center companies. CoreWeave, a former Bitcoin miner that has become the sector’s most significant player, has dropped 61% from its year-to-date high.

Similarly, IREN stock has dropped by 37% from this month’s high despite reaching a $9.7 billion deal with Microsoft. Bitfarms and Nebius are down 60% and 40%, respectively, from their recent peaks.

Top Wall Street analysts are bullish on Hive stock

Some major Wall Street analysts are highly bullish on Hive Digital stock and expect it to jump by 185% to $10. In a note, Rosenblatt noted that the management’s strategy was working, as evidenced by the Q2’26 report. 

The company had $87 million in revenue in the quarter, higher than the $80 million Rosenblatt had expected. Its Bitcoin mining revenue rose to $82 million, while its AI business brought in $5.7 million. The analyst wrote:

“With the stock selling off sharply in the recent market pullback, we see an attractive entry point and reiterate our BUY rating. Our Price Target remains $10 based on 12x our FY27 Adjusted EBITDA estimate.”

Meanwhile, H.C. Wainwright analysts also predicted that the Hive stock price will jump to $10, citing management’s plan to deploy 11,000 GPUs by the end of next year, up from ~5,000 today.

These investments will help it make $140 million in annualized AI cloud revenue by the end of next year. The analyst noted:

“ We are raising our price target to $10 from $8 previously. Our revised price target reflects a 5x EV/revenue multiple applied to our revised C2026 revenue estimate of $498.7M (down from $534.8M).”

Hive Digital shares technical analysis

The daily timeframe chart shows that the Hive stock has formed a cup-and-handle-like pattern. The cup’s upper side was at $5.54, while its lower side was at $1.28. It is now forming the handle section and has found support at the 200-day moving average. 

Therefore, remaining above this average will point to a rebound, initially to the cup’s upper side. The cup has a depth of about 77%. Measuring the same distance from the cup’s upper side gives a target of $9.8, which is a few points below the analysts’ estimate of $10.