Yahoo Finance
There's a concept in baseball that a player is due for a home run or a significantly productive play — and that's the argument I'm going to make for cryptocurrency miner Bitdeer Technologies (BTDR).
While I don't think this is such a controversial take, it must be disseminated with caution.
After all, the Barchart Technical Opinion indicator rates BTDR stock as a 56% Weak Sell, noting concerns of a weakening short-term outlook.
Fundamentally, Bitdeer isn't exactly generating much confidence either.
According to Google Finance, BTDR stock has been under pressure due to the sideways nature of the underlying benchmark crypto price.
Further, the website notes that "near-term hash rate competition and energy costs remain primary concerns." Huge Unusual Put Options Volume in Merck - Is MRK Stock Overvalued? Deflated Microchip Technology Stock Could Target a Contrarian Move to $85 Turn Bristol-Myers Squibb into an Income Machine with This Options Play Get exclusive insights with the FREE Barchart Brief newsletter.
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From a trading perspective, Bitdeer stock is a double-edged sword.
Because it has a 60-month beta of 2.50 — thus implying 2.5 times more volatility than the S&P 500 index — BTDR may enjoy wild swings upward.
At the same time, it's liable for catastrophic losses.
So, in an environment where anything can happen, why bet on BTDR stock now? To be sure, this question can be asked at any time because Bitdeer is extremely wild, no matter what the circumstances.
However, the crypto miner has already suffered a staggering loss, which seems to suggest that much of the bad news has already been baked into the share price.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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