“With Bitcoin quickly nearing $31,000, stocks like MicroStrategy (MSTR) are exploding. All in hopes a Bitcoin ETF will finally be approved,” we noted on Oct. 23.
“MSTR last traded at $362.45 – up $14.41 on the day—and could push higher after breaking above its 50-day moving average. It’s also now above triple-top resistance. And if it can break above resistance around $388, it could potentially push back to $400,” we added.
With Bitcoin now up to $34,756.70, MSTR is now up to $433.22.
Even better, with the latest BTC rally, MicroStrategy’s bet on the cryptocurrency just became profitable. Most impressive, according to Seeking Alpha, “MicroStrategy Chairman Michael Saylor, who stepped down from the CEO role a year ago, started buying bitcoin in 2020, saying he expected the cryptocurrency to maintain value better than cash.”
MSTR last traded at $433.22 – up $8.35 on the day – on a volume spike to 1.21 million shares. The daily average volume on MSTR is 589,189. If BTC can push even higher, as expected, MSTR could rally to $480, possibly $500 this year.