The share price of Riot Blockchain has risen during this year, with the surge in Bitcoin prices. On Wednesday, the stocks rose to a peak of $10.62, the highest it has seen since April last year. In all, the stock has gone up by over 284% from its all-time low since November last year.
Bitcoin prices help miners
The main cause of the incredible comeback of Riot Blockchain is the strong performance of Bitcoin and other digital currencies. BTC has skyrocketed by more than 80% in 2023, making it one of the top-performing major assets globally.
Similar to other mining companies, Bitcoin miners gain when cryptocurrency values are increasing. Presently, analysts are of the opinion that crypto prices will continue to rise in the upcoming months. Bullish bets that Bitcoin will reach its all-time high once again have grown.
The main reason for this positivity is the speculation that the Federal Reserve will change its stance on interest rates. The bank has already raised rates by 475 basis points in the last few months and experts anticipate an additional 0.25% hike in May. But the Fed will not keep raising rates forever, which explains why the US dollar index and bond yields have fallen.
Needham upgrades Riot Blockchain
Another factor driving the Riot stock price up is that analysts have become optimistic about the stock. On Wednesday, analysts from Needham upgraded the stock to $15, representing a 30% rise from its current position. Their previous prediction was $9. The analysts noted the company’s mining data and the fact that Bitcoin has skyrocketed this year.
Other analysts have a bullish outlook on the stock. In March, Cantor Fitzgerald reiterated their forecast for the stock to reach $10. B.Riley and MKM Partners are also optimistic about the stock.
Hence, an amalgamation of greater Bitcoin prices, the potential for a rate pause, and increased mine production could propel the stock higher. In March, the company’s mine production increased by 36% on an annual basis.
Riot Blockchain stock price forecast
The daily chart shows that the RIOT stock price has been doing well in the last few days. It was able to move above the critical resistance point at $10.52, the highest point from August 11. Most notably, a golden cross is close to forming as the 50-day and 200-day moving averages get nearer to their crossover. Thus, the stock will probably continue rising as buyers target the next reference level at $15.
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