Analysts Said "MicroStrategy May Start the Rally in Bitcoin", Explained the Reasons!
Analysts at 10X Research have noted that MicroStrategy’s continued success could help kick-start a Bitcoin rally.
Microstrategy, the biggest institutional bull, has been buying BTC at regular intervals since adopting a Bitcoin-centric strategy.
Bullish Sentiment Strengthens in MicroStrategy and Bitcoin!
While the company is drawing attention with its Bitcoin strategy, MicroStrategy’s bold bet on Bitcoin is paying off big, as experts noted that MSTR stock has risen by 1,620% since Microstrategy’s first BTC purchases.
The company’s approach to Bitcoin has outperformed BTC itself, the SP 500, and even tech leaders like Nvidia.
Also last week, Microstrategy founder Michael Saylor stated that his company aims to be a Bitcoin bank, thus ensuring that the rise in MDTR continues. At this point, on Friday, the MSTR share price rose another 16% to $212.59 after a big rise above $190 last week.
With this rise, MSTR widened the gap with BTC, while 10x Research analysts stated that the stock could continue its upward movement.
At this point, analysts are stating that they see a possible bullish trend for MSTR and see the rise of MSTR as a potential signal for Bitcoin's rise.
“The bullish momentum continues for MicroStrategy after last week’s breakout.
The stock is up 16% in the past week, hitting all-time highs with a market value of $43 billion.
This bullish trend could continue with several critical catalysts on the horizon.
“In addition, when the positive correlation between MicroStrategy stock and Bitcoin is considered together, we believe that MSTR performance could positively affect the price of Bitcoin.”
Analysts have recently noted that strong signals and significant events could propel both Bitcoin and MSTR higher through the rest of 2024, especially as long as institutional interest remains strong, and MicroStrategy’s continued success could help kick-start a Bitcoin rally.
MicroStrategy currently owns over 252,000 BTC, while Microstrategy founder Michael Saylor is optimistic about the price of Bitcoin, stating that he plans to buy more BTC.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Insights Essay Contest: Post $MAJOR topic and split 700 MAJOR
Insights Essay Contest: Post $CHILLGUY topic and split $1,000 CHILLGUY
VIPBitget VIP Weekly Research Insights
As the regulatory landscape for DeFi and cryptocurrencies in the United States becomes clearer, top-performing DeFi projects with strong profitability are poised to give their tokens genuine value. This could involve using a portion of their profits for token buybacks or directly distributing profits to token holders. If these proposals are implemented, the valuations of these DeFi projects could experience significant upward adjustments. Early market interest has already emerged, making these projects worth investors' attention.
GOATS: Snapshot extended 1 additional day
Trending news
MoreCrypto prices
More
