BMNR Stock Price Prediction: Can BitMine Rebound From 10-Week Lows After Recent ETH Buy?

Bitmine (NYSE: BMNR) stock price was down slightly at the time of writing to trade at $20.14. The slight drop occurred after Bitmine announced another purchase of Ethereum (ETH), which brought the company’s entire ETH holdings to 6.06 million tokens.

While revealing the company’s recent purchase, Bitmine Chairman Tom Lee also opined that the recent $6.3 billion hack on the Binance exchange was bullish for the crypto market.

The charts further show that BMNR stock has established support at $20 after dropping to a ten-week low, but the momentum is still heavily leaning on the bearish side.

Bitmine Nears 5% ETH Holding Target With Recent Purchase

In a recent press release, Bitmine noted that they had purchased 8,573 ETH in the week between October 26 and October 30. Per the statement, last week’s purchase brought the company’s entire Ethereum holdings to 6,060,506 ETH, which is equivalent to 4.9% of the total Ethereum supply.

As CoinGape reported earlier, Bitmine is planning to halt ETH purchases after it gets to the “Alchemy of 5%.” So far, the company is less than 1% shy of achieving this goal, with each purchase flipping bullish for BMNR stock price.

Bitmine has also revealed that it has staked 5,227,037 ETH, that is worth around $11.8 billion. This marks the highest ETH staked by any company globally.

In its Q3 2026 earnings, Bitmine revealed that staked ETH contributed to 98% of its $45.7 million revenue reported during the quarter. The company will release its Q4 2026 earnings on November 20.

Tom Lee Reiterates Bullish Bet Despite Binance Hack

According to Lee, the muted reaction by the crypto market despite the hack on Binance suggests that a “crypto bull market is underway.”

Lee’s bullish outlook comes despite a massive plunge in the crypto fear and greed index from 68 in Late October to 37 at the time of writing, suggesting that the market is in a state of “fear.” This drop is usually bearish for crypto stocks such as BMNR.

However, in another X post, Lee outlined several reasons why the crypto market may be nearing a bottom. These include falling yields and oil prices, a cautious sentiment and stock prices nearing a market bottom during a US midterm election cycle.

BMNR Stock Price Prediction Signals Rebound is Unlikely in the Near Term

The weekly chart for BMNR stock price shows an ongoing bearish reversal. The stock has even created a rounded top pattern on this higher timeframe, confirming an ongoing shift.

BMNR stock price needs to remain above the support at the 38.2% Fib of $18.93. A breakdown below this support might trigger another wave of selling pressure, forcing the price down further towards $15.

On the upside, the main resistance level to watch is the 61.8% $22. Closing above this resistance may suggest a resumption of bullish trends.

The MACD line on this weekly timeframe has also dropped below the signal line, with this move also suggesting that bears are gaining control.

The trend remains the same on the shorter four-hour timeframe, where technical indicators are also making a bearish thesis.

The RSI sits at 36 to suggest that the overall trend is bearish. The CMF has also been rejected in its attempt to create a higher high, and has dropped back to negative. This move suggests that the selling pressure remains high.

This four-hour setup suggests that the gains recorded today after the recent ETH purchase may be short-lived because the underlying trend aroud BMNR stock remains bearish.