Sphere 3D (NASDAQ: ANY) has had quite the year with lows of $1.32 and highs near $10.65. A software company with a portfolio of IT brands, ANY caught investors’ attention with a pivot towards crypto thanks to an upcoming reverse merger. The company’s strong foundation and Bitcoin’s recent breakout, have led bullish investors to predict ANY stock might reach double digit numbers in the upcoming weeks. While the stock has been fluctuating between $7.50 and $8.40 for the last week, recent price action is a bullish sign for ANY stock.

Catalysts

The most recent groundbreaking news from ANY is their aggressive entrance into the Bitcoin market through an agreement with Gryphon Digital Mining. Gryphon’s operations focus on mining bitcoin using 100% renewable energy.

Back in July it was announced that they will enter a reverse merger with ANY – valued at the time around $184 million – and likely become publicly traded on the NASDAQ. The agreement is expected to come into full effect by Q4 of 2021, meaning investors should expect the news within the next 50 trading days.

The newly formed company will install digital asset miners at Core Scientific’s blockchain data centers over the course of 14 months. But what sets Core Scientific apart from the competition is its state of the art, 100% Carbon-neutral infrastructure. Its facilities also offer around the clock maintenance and technical support, ensuring maximum efficiency.

According to ANY’s CEO Peter Tassiopoulos, the new operations pursuant to the merger constitute the single largest order in digital mining history thanks to its purchase of 60,000 miners. The operational capacity of this project is expected to be approximately 6.7 exahash of hashing power which would put ANY’s operations among the top publicly traded bitcoin mining operations in the world.

Besides its efficiency, ANY is seeking to stand out through its environmentally sustainable operations as crypto mining has come under criticism for high energy consumption. But for BTC enthusiasts, ANY stock value is highly correlated to fluctuations in Bitcoin’s value. With BTC valued at $66 thousand currently, ANY’s value is expected to increase as well – especially since the launch of the first U.S. bitcoin futures exchange-trading fund.

Media Sentiment

@The_RockTrading we hope ANY ends up ok. By the looks of it, it will.

Technical Analysis

ANY stock chart

After experiencing an almost 50% surge in early October, ANY stock is currently trading at $8.14. The immediate resistance lies at $8.40 and its first support is at $7.86, with a stronger support at $7.67. The MACD had a bullish crossover this morning and the RSI stands at 61.25 as accumulation spikes.

Should You Buy?

The promise of ANY’s upcoming merger has made ANY stock very popular among investors and with good reason. The environmentally sustainable facilities promise zero carbon emission which will be a major asset for the company going into the future. The success of their operations could catapult ANY stock to new highs in the long term especially with news of a Bitcoin runup. In the short-term, ANY has reached highs near $10.65 before and as long as upward momentum is sustained, price targets of $10 could be reached. As with any stock, its important to take profit on the way up and ANY’s exposure to BTC could make that especially true.

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