Cleanspark (Clsk) Price Momentum Weakens, But 2026 Outlook Still Bright: Here’s How

What Happened

CleanSpark’s recent $1.15 billion convertible note offering added short-term pressure to its stock, extending its one-month decline by nearly 20%. Convertible notes let investors swap debt for shares, often creating near-term selling risk but long-term growth potential.

For a full reversal of the CLSK price, CMF must sustain above the line and rise above zero, confirming that investors are buying back into weakness.

Market Context

CleanSpark (CLSK) — a Bitcoin mining and AI infrastructure company — trades near $14.05. CLSK price is up 48.6% year-to-date but down 20.3% from a year ago. This price performance mirrors its usual pattern — one strong rallying year followed by a cooling phase that often sets up its next leg higher.

Over the past 23 months, CleanSpark’s price has swung between $5.73 and $24.72, averaging around $12.32. These deep pullbacks have historically preceded major recoveries once money flow and Bitcoin prices stabilize.

On the two-day chart, the Relative Strength Index (RSI) — which tracks buying and selling momentum — shows a hidden bullish divergence. Price has been forming higher lows, while the RSI has created lower lows —a setup that often precedes bounces.

Convertible Notes Pressure Price as Money Flow Builds a CLSK Price Base

The near-term selling risk comes from dilution fears, since converting debt into equity increases the number of shares in circulation and pressures the stock price temporarily.

The firm says that the proceeds, $460 million, will fund a stock buyback at $15.03 per share, while the rest will support data center expansion, AI infrastructure, and repaying Bitcoin-backed loans. This timing fits closely with the Chaikin Money Flow (CMF) indicator, which tracks capital entering or exiting the stock.

If Bitcoin strengthens toward $150,000 and CleanSpark’s CMF climbs above zero, the price could challenge $22.61 as one of the key levels to beat. That move would likely break the consolidation zone and set up a broader rally, which leads directly into the long-term picture.

The confirmation level remains $13.52 — if the price stays above it, the setup holds. A close below could drag it toward $8.92. That would be lower than the 23-month average of $12.32.

Another indirect confirmation here would be the Bitcoin price holding above $100,000.

Why It Matters

RSI Divergence and Bitcoin Strength Signal a Possible Bottom

Now, the RSI shows a similar signal, suggesting that CLSK might be nearing a bottom with selling pressure possibly exhausted.

CleanSpark’s correlation with Bitcoin reinforces the same view. Whenever BTC finds a floor after a 15–20% correction, CLSK tends to follow with a steeper bounce. Lately, BTC corrected below $100,000, which could be the cycle’s bottom.

If Bitcoin reaches $150,000 by year-end, as Michael Saylor recently projected, or even early in 2026, it could push CLSK to new local highs. Read on to know the key levels.

The CMF has broken above its descending trendline but has not yet held there convincingly. This could be the short-term holders reacting bearishly to the news.

CleanSpark 2026 Outlook: Flag Pattern Holds as Long as $9.62 Survives

Note: Smaller interim swings were excluded to focus on the dominant pattern shaping the 2026 outlook.

Details

This structure has repeated before every major CleanSpark rebound:

January–September 2024: RSI divergence led to a 121% rise.

June–September 2025: the same pattern triggered a 163% rally.

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That would also strengthen the CLSK bottoming theory.

On the weekly chart, CleanSpark trades within a flag and pole pattern. The pole represents the steep rally from April to October 2025 — a 269% rise over 189 days — and the flag marks the current consolidation.