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April

<div class="coinjournal"> 
 <p dir="ltr">Riot Platforms (NASDAQ: RIOT) <a rel="dofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> continued its sell-off even as Bitcoin and other cryptocurrencies held steady. The shares plunged to a low of $8.90 on Tuesday, the lowest level since April 6th. It has retreated by more than 56% from its highest point this year, meaning it is in a deep bear zone.</p> 
 <h2 dir="ltr" id="bitcoin-is-holding-really-well">Bitcoin is holding really well</h2> 
 <p dir="ltr">Riot Platforms is a major company in the&nbsp;<u>Bitcoin mining</u> industry. The company runs some of the biggest mining rigs in the world. For example, its Rockdale facility is the biggest mining and hosting facility in North America. It has a deployed hash rate of 10.7 EH/s.&nbsp;</p> 
 <p dir="ltr">Riot Platforms and other mining companies like Marathon Digital, Cipher Mining, and Argo Blockchain tend to do well when&nbsp;<u>Bitcoin</u> price is rising. This explains why the shares jumped to a high of over $20.6 &nbsp;when Bitcoin surged to the year-to-date high of $32,000.</p> 
 <p dir="ltr">Therefore, it is quite surprising that the Riot Platforms share price has plunged even as Bitcoin has done well in the past few weeks. Bitcoin has remained above $26,200 even as the fear and greed index has dropped to the extreme fear zone of 25. The Dow Jones, Nasdaq 100, and S&amp;P 500 have also slipped sharply recently.</p> 
 <p dir="ltr">I believe that Riot Platforms and Marathon Digital are good speculative buys. For one, I believe that Bitcoin will be much higher than where it is today. Bitcoin halving is coming in 2024, which will likely push its price higher.</p> 
 <p dir="ltr">Further, I suspect that the Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF. Besides, the leading applicants are some of the biggest companies in the industry like Blackrock, Fidelity, and WisdomTree.</p> 
 <p dir="ltr">Most importantly, Bitcoin has held quite well even as the Federal Reserve has hiked interest rates to the highest point in more than two decades.</p> 
 <h2 dir="ltr" id="riot-platforms-stock-price-forecast">Riot Platforms stock price forecast</h2> 
 <p><img decoding="async" src="https://cdn.thebittimes.com/images/2023/09/27/e76600a48e2900f20429a84925c2f6a9.webp" style="width: 100%;height: 291.933px" class="fr-fic fr-dib" width="604" height="291.933"></p> 
 <p dir="ltr">The daily chart shows that the RIOT share price has been in a strong bearish trend in the past few months. It recently crashed below the key support at $14.45, the highest point in April this year. &nbsp;The stock has dropped below the key support at $10.07, the lowest point on August 25th.&nbsp;</p> 
 <p dir="ltr">Most importantly, the 50-day and 200-day weighted moving averages (WMA) are about to form a <a rel="dofollow" title="death" href="https://thebittimes.com/tag/death.html">death</a> <a rel="dofollow" title="cross" href="https://thebittimes.com/tag/cross.html">cross</a>. Therefore, the <a rel="dofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> will likely remain underwater for a while. If this happens, the next level to watch will be at $8.</p> 
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/riot-platforms-stock-price-analysis-here-comes-the-death-cross-tbt64202.html">https://thebittimes.com/riot-platforms-stock-price-analysis-here-comes-the-death-cross-tbt64202.html</a></p>

Riot Platforms stock price analysis: Here comes the death cross

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