RIOT Stock Forecast: Rise by 1391.07% YTD as Bitcoin Price Reaches All-Time High

This RIOT stock forecast article was written by Maria Grishaev, Analyst at I Know First.

Executive Summary

  • With Bitcoin hitting its all-time high, Riot Blockchain Inc had an extremely good year in 2020 with their stock gaining 1391.07% YTD while the S&P 500 had risen by only 15.58%.
  • The recent purchase of new equipment will increase the company’s Bitcoin mining hash rate capacity. The recent change in the board of directors also affected the stock price.
  • Based on the SWOT analysis, my price target for RIOT is 22$, indicating a cautious buy recommendation.
gold-colored Bitcoin


Riot Blockchain, Inc is one of the largest U.S.-based publicly-traded bitcoin miners in North America. The company is focused on gaining exposure to the blockchain ecosystem through its cryptocurrency mining operations, internally developed businesses, joint ventures, and targeted investments in the sector. Its main focus is on Bitcoin and general blockchain technology. The Bitcoin has hit its all-time high over the weekend, Cryptocurrency-miner stocks tend to follow the price of Bitcoin up and down, so it’s only logical to see the RIOT stock going up as well. The stock rose by 1391.07% YTD against a 15.58% rise of the S&P 500.

riot price movements
Source: Yahoo Finance

Earlier this week, Riot announced an expected 65% increase in Bitcoin mining hash rate capacity resulting from the purchase and future deployment of 15,000 S19 Pro and S19j Pro Antminers from Bitmain Technologies Limited. These additional miners are scheduled for receipt and deployment starting in May 2021 and continuing through October 2021.

Also, the company announced this month of a pilot project to assess the potential for higher productivity and lower cost mining opportunities in Texas. They have teamed up with two leading-edge technology companies, Enigma Digital Assets AG and Lancium to launch the pilot project.

Indicators Show a BUY Signal and Further Trading Opportunities

riot indicators
Source: Yahoo Finance

As we can see in the chart, the most recent time that the stock price crossed above the moving average for 200 days (the red line) was in June and it signaled a potential change in trend. That was indeed the case as the stock started its rise there. We can also see that the moving average for 50 days (the purple line) crosses above the moving average for 200 days and it also indicates that the trend is shifting up. This is the known “golden cross” that gives us a buy signal.

The Bollinger Bands® technique also indicated a potential opportunity. When the bands come close together it is called a squeeze. A squeeze signals a period of low volatility and is considered by traders to be a potential sign of future increased volatility and possible trading opportunities. This can be seen happening here from September to November. The peak outside the bands in November corresponds with the company’s announcement of a change in the board of directors.

SWOT Analysis Reveals Potential for Upside

To estimate my target stock price, I’ll use the SWOT analysis due to insufficient data on peer companies.


Diverse strategy – blockchain-focused technologies and cryptocurrency mining operations.

High investment in infrastructure.

Different regulations in different countries can affect revenue.

Cryptocurrencies have experienced substantial volatility in the past.

A newly established advisory board of leaders with proven operational and strategic experience.

Well-established operators (particularly Facebook), which have substantially greater liquidity and financial resources.

From one side, the company’s diverse strategy is an advantage. The company has different cryptocurrency mining operations, while also investing in blockchain-focused technologies and building the blockchain ecosystem. The company’s investment in infrastructure is also a big advantage and positions the company well among the publicly traded companies involved. As long the Bitcoin mining operation is not the only venture of the company, I expect the company to continue to grow. Being among the first companies to invest in a certain area helps it to gain important market share. The newly established industry-leading advisory board that is comprised of recognized leaders with proven operational and strategic experience throughout the cryptocurrency space can present an opportunity for growth and expansion in the company.

bitcoin price movements
Bitcoin Price Movements
Source: Yahoo Finance

On the other hand, while currently the Bitcoin is priced at an all-time high of over 27,000 USD, the prices of cryptocurrencies have experienced substantial volatility as can be seen on the chart above. It’s hard to see which direction Bitcoin will take as many factors are needed to be taken into account. Besides, the different regulations in different parts of the world can affect the company and its revenue from cryptocurrency mining. Moreover, the cryptocurrency industry has attracted various high-profile and well-established operators (particularly Facebook), some of which have substantially greater liquidity and financial resources than RIOT does.

Given the frenzy surrounding Bitcoin, my RIOT stock forecast is that the stock will continue to rise and place my target price at $22, making it a 45% premium over the current stock price.


I take the buy-side on RIOT stock. It is reasonable to expect further growth in the stock price in the long term as the popularity of Bitcoin and cryptocurrency continues to rise.

RIOT stock forecast

Please note that the I Know First RIOT stock forecast has a high signal on the one-year market trend forecasts. The green color for all the time horizons is a strong bullish signal.

Past Success with RIOT Stock Forecast

On November 20th, 2020, the I Know First algorithm recommended RIOT as one of the Low P/E Stocks package. The AI-driven stock bullish forecast was successful on the 14 days horizon resulting in a 66.67% gain since the forecast date.

RIOT stock forecast
riot historical price

Moreover, on November 20th, 2020 the I Know First algorithm recommended RIOT as one of the Insider Trades package. The AI-driven stock bullish forecast was successful on the 1-month time horizon resulting in a 67.5% gain since the forecast date.

RIOT stock forecast
riot historical price
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Please note-for trading decisions use the most recent forecast.