Riot Platforms Rebounds 36% as Bitcoin Breaks $65,000, Analysts See 78% Upside Potential
July 17, 2024Riot Platforms (RIOT) remains an attractive investment opportunity despite a recent -36% correction.
Bitcoin surged over 15% to break the $65,000 resistance level, peaking above $66,000 before settling around $65,757.
Riot Platforms' stock price surged as Bitcoin rebounded, supported by Germany moving over 50,000 Bitcoins to exchanges and speculation of a Donald Trump win in the next election.
A dovish statement from Jerome Powell also boosted Bitcoin, contributing to the positive momentum.
Despite these positive factors, Riot Platforms may face challenges due to weak financial results and a deep bear market for Bitcoin.
Analysts maintain a bullish outlook on RIOT with an average price target of $17.50, indicating a potential upside of 78.48%.
Investors are advised to exercise caution and seek expert advice before making any investments in cryptocurrency.
Summary based on 9 sources
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Sources
CoinDesk • Jul 17, 2024
Bitcoin Bulls Eye $70K Amid Donald Trump's Rising Chances of Returning as PresidentNasdaq • Jul 16, 2024
Riot Platforms (RIOT) Is Mining its Way to a Significant UpsideCointelegraph • Jul 17, 2024
Traders eye $71.5K Bitcoin price as open interest jumps 13%Business Today • Jul 17, 2024
Crypto Market Watch: Bitcoin surges past $65,000 despite sell-off events