Riot: Crypto Price Slump Offers an Attractive Entry Point, Says Analyst

Riot: Crypto Price Slump Offers an Attractive Entry Point, Says Analyst

The jury is still out on whether the “crypto winter” is once again truly upon us. Nevertheless, the space has been going through a down cycle recently, with bitcoin dictating sentiment, as usual. The leading crypto is down by 39% since November’s all-time highs.

Meanwhile, as is customary, with the decline in BTC’s price, fortunes of those in the ecosystem have followed suit. For instance, since mid-November, shares of bitcoin miner Riot Blockchain (RIOT) have retreated by 55%.

The company has been seeing other macro elements hinder its performance in 4Q21. As such, mostly on account of “delays in adding hash” on a target of reaching roughly 3.9EH/s by the end of last year, H.C. Wainwright’s Kevin Dede now expects Q4 sales of $86.8 million compared to the prior estimate of $103.8 million.