MicroStrategy and Coinbase’s stock prices could shoot up if short sellers bail out, according to a report by data analytics firm S3 Partners.
Key Trend Driving Altcoin Market Toward $425 Billion: Analyst
Amid the bullish sentiment around the crypto landscape, the Altcoin overall market cap has displayed positive strength as many investors and traders are throwing capital into several altcoins ahead of the bull cycle.
Altcoin Market To Rally Toward $425 Billion
Since Bitcoin has surged to a new record high, many cryptocurrency analysts anticipate a surge in the altcoin market cap. Rekt Capital, a cryptocurrency expert and trader, has shared a positive prediction regarding the altcoins market cap with the community on X.
The expert analysis delves into the current state of the market and its potential to surge higher in the coming months. His projections came in light of the altcoin season index showing advancement, which suggests that its season is almost here.
According to the analyst, the market has been “redirected into the blue-circled testing area,” which was caused by rejection from the “red-circled circle zone.” However, the market has rebounded since then, indicating an increased interest from market investors.
Furthermore, Rekt Capital noted that the market has surpassed the “$315 billion red line of resistance.” As a result, the red line resistance level has now been changed to a “new support level.” Due to this, the crypto analyst anticipates a surge to the “light blue circle” at the $425 billion threshold in the upcoming months.
The post read:
The red-circled area rejected the Altcoin Market back into the blue-circled retesting zone. Since then, the Altcoin Market Cap has recovered, broken beyond the red $315bn resistance, and turned recently into new support. Next is the light blue circle, over time.
However, Rekt Capital also asserted in another recent post that the “$315 billion mark is still being retested by alts market cap new support.” It has been unable to move past it despite today’s double-digit declines on several altcoins.
Even though the market is still retesting the aforementioned level, Rekt Capital is confident that it will “revisit the $425 billion resistance” soon. He anticipates the market revisiting the level before the Bitcoin Halving event, expected to take place in April.
Alts Gains Are Sustable And Likely To Crash
Chief Executive Officer (CEO) of Bitcoin technology firm JAN3, Samson Mow, has also shared his insights regarding the altcoin market. Despite anticipating a rise in the altcoin market, Mow highlighted that he expects alts to “crash in the upcoming weeks.”
According to Mow, alts have been monitoring the “increase in Bitcoin” after launching BTC Spot Exchange-Traded Funds (ETFs). However, altcoins do not possess “the $500 million to $1 billion” daily inflows seen with Bitcoin.
Consequently, this should be the “major sign” that their gains “can not” be maintained. “MSTR has a $30 billion market cap, Solana is $73 billion. That is absurd. A correction is overdue,” he added.
Michael Saylor’s MicroStrategy Raising Another $500M to Buy More Bitcoin
The debt offering comes just days after the company closed on an $800 million capital raise, also with proceeds used to buy bitcoin.
MicroStrategy ‘Not Resting on Its Laurels’ as Bitcoin Hits All-Time High: Canaccord
The investment bank almost doubled its price target on the stock to $1,810 from $975, highest among Wall Street analysts.
Michael Saylor’s MicroStrategy Purchased an Additional 3K BTC, Now Holds $10B Worth
MicroStrategy has purchased an additional 3,000 bitcoin {{BTC}} for $155 milllion, bringing the company’s total BTC holdings up to $6.09 billion.
Michael Saylor Not Interested in Selling: ‘Bitcoin Is the Exit Strategy’
Michael Saylor doesn’t plan to sell any of MicroStrategy’ (MSTR)s bitcoin (BTC) anytime soon, or potentially ever, he said in an interview with Bloomberg TV on Tuesday.
Michael Saylor’s MicroStrategy Bitcoin Bet Tops $4B in Profit
The company was the owner of 190,000 bitcoin as of the end of January.
Stock of Bitcoin’s Biggest Public Holder is Overvalued by 26%, Analyst Who Predicted BTC Rally Says
Early investors in MSTR can consider taking profit as shares appear overvalued and could fall by 20%, according to 10x Research.
Michael Saylor’s Bitcoin Bet Profit Tops $2B
The company added to its holdings in November.
What are the 3 assets most correlated with Bitcoin?
Bitcoin price is closely linked to several financial assets but the reasons for correlation with certain precious metals and stocks can be quite different.
Bullish MicroStrategy Analysts Raise Price Targets Ahead of Q2 Earnings
Analysts are bullish on software company MicroStrategy (MSTR), which reports earnings for the second quarter after the market close on Tuesday, and it’s all thanks to the many bitcoin (BTC) it holds.
MicroStrategy’s Bitcoin Purchases Tend to Be Short-Term Negative for Prices, Research Shows
Past data shows bitcoin tends to drop 2% on the day MSTR announces new purchases.
Michael Saylor’s MicroStrategy Books a Much Smaller Bitcoin Impairment Charge
Amid BTC’s big rally, the company’s impairment loss narrowed to $18.9 million in the first quarter from $197.6 million in the fourth quarter.
Crypto-Related Stocks Drop Alongside Bitcoin on CFTC Binance Suit
Shares of rival crypto exchange Coinbase fell by the most since Wednesday.
MicroStrategy stock MSTR hits 3-month high after CEO’s exit
Poor earnings coupled with overvalued fundamental metrics pose long-term bearish risks for MSTR.
MicroStrategy’s Bitcoin treasury exceeds cash held by 80% of S&P 500 non-financial companies
The Nasdaq-listed company recently announced it added another 5,050 Bitcoin to its coffers for about $242.9 million.
MicroStrategy stock flips bullish with MSTR a Bitcoin ‘proxy’ for institutional investors
The bullish setup has appeared after MSTR’s increasingly positive correlation with Bitcoin, the flagship cryptocurrency that has surged 339% year-on-year and is now struggling to close above $50,000.
MicroStrategy stock slides after announcing new $400M debt raise to buy Bitcoin
The company’s stock has dropped by more than 60% after topping out at $1,135 in early February.
Crypto-exposed stocks slide as BTC-bolstered treasuries shed value
Many stocks of publicly traded firms that are exposed to Bitcoin have suffered significant drawdowns this month.
MicroStrategy sees up to 52% revenue surge as Saylor confirms more Bitcoin buys ahead
New figures show certain revenue sectors boomed by over 50% in Q1 2021 compared to the same quarter last year.