• Bitcoin Depot (BTM) has a 100% technical “Buy” signal via Barchart.
• Shares are trading above all key moving averages and are up 197% over the past month.
• Analyst sentiment is bullish and BTM has multiple “Strong Buy” ratings.
• Bitcoin Depot also boasts projected revenue growth and a commanding market share in the Bitcoin ATM industry. 

Today’s Featured Stock

Valued at nearly $289 million, Bitcoin Depot (BTM) provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy for payment, spending, or investing. With over 8,400 Bitcoin ATM locations, Bitcoin Depot has the largest ATM network and commanding market share in North America. 

What I’m Watching:

I found today’s Chart of the Day by using Barchart’s powerful screening functions. I sorted for stocks with the highest technical buy signals, superior current momentum in both strength and direction, and a Trend Seeker “buy” signal. I then used Barchart’s Flipcharts feature to review the charts for consistent price appreciation. BTM checks those boxes. Since the Trend Seeker signaled a buy on April 25, the stock has gained 185.53%.

BTM Price vs. Daily Moving Averages:

Barchart Technical Indicators for Bitcoin Depot:

Editor’s Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.

When a stock is trading only 6.46% below its 52-week high, it won’t take much to hit another new high.

• Bitcoin Depot has a 100% technical “Buy” signal.
• The stock closed at $4.49 on June 4, above its 50-day moving average of $2.01.
• BTM has a Weighted Alpha of +124.81.
• The stock has gained 126% over the past year.
• BTM has its Trend Seeker “Buy” signal intact.
• Bitcoin Depot is trading above its 20, 50 and 100-day moving averages.
• The stock has made 19 new highs and gained 197% in the last month.
• Relative Strength Index is at 83.09%.
• The technical support level is $4.27.

Follow the Fundamentals:

• $289 million market cap.
• Revenue is projected to grow 8.66% this year and another 5.07% next year.

Analyst and Investor Sentiment on Bitcoin Depot:

I don’t buy stocks because everyone else is buying, but I do realize that if major firms and investors are dumping a stock, it’s hard to make money swimming against the tide.

It looks like not only Wall Street analysts, but also many of the popular investing advisory services, are moderately bullish on this stock.

• Wall Street analysts tracked by Barchart issued four “Strong Buy,” opinions on the stock.
• CFRA’s MarketScope rates the stock a “Buy.”
• MorningStar thinks the stock is 14% undervalued.
• 1,050 investors monitor the stock on Seeking Alpha, which rates the stock a “Strong Buy.”

The Bottom Line:

Bitcoin Depot currently has momentum and support from both the market and individual investors and with a 25% market share in the U.S., it seems to be beating its competition Athena Bitcoin (ABIT) and Bitcoin Well (BCNWF).

I caution that BTM is volatile and speculative — use strict risk management and stop-loss strategies.

Additional disclosure: The Barchart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance.