2024-03-27 07:54:27 ET
Summary
- The Bitcoin rally has boosted crypto-related stocks, including most miners, with significant year-to-date gains.
- Riot Platforms has a strong risk/reward profile and a potential breakout pending from a symmetrical triangle pattern.
- RIOT's valuation relative to Bitcoin is extremely low, making it a potentially attractive investment opportunity.
The rally in Bitcoin has taken a number of crypto-related stocks to the moon with it thus far this year. The coin itself is flying, but crypto-related stocks, in a lot of cases, have orders of magnitude more in terms of year-to-date gains as a result. One area of the market that's done very well on this Bitcoin rally is miners, but not all miners are created equal.
About four months ago, I called Riot Platforms ( RIOT ) a Strong Buy , noting at the time it looked like Riot would break its multi-year downtrend. The stock looked good at the time, and I thought Bitcoin would rally into 2024. We've definitely seen the latter, but Riot melted down and the breakout never materialized. I was wrong, but that's why we use stops and avoid being a bag holder....
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Riot Platforms Is Too Cheap To Ignore