HC Wainwright analyst: BitDeer stock presents buying opportunity, business fundamentals remain strong

According to a report by HC Wainwright, a Wall Street investment bank analyst, the recent selling pressure of BitDeer Technology Group (NASDAQ code: BTDR) can be attributed to specific technical factors, which were caused by some early investors closing their positions after the shareholder lock-up agreement expired on October 11. The basic fundamentals of BitDeer's business are still strong, and the sentiment in the BTC market is continuing to improve.
The analyst stated that although the previously locked shares may bring additional selling pressure in the short term, any such activity will increase the liquidity and circulation of BTDR, as observed in the past month after the end of the ban period, where the average daily trading volume soared sixfold to 600,000 shares/day.
Currently, BTDR's stock price is less than one times its expected 2024 value, but BitDeer's revenue multiple is about three times that of its large mining peers, so the analyst believes that the recent decline in stock price provides investors with a relatively attractive buying opportunity.