MicroStrategy (MSTR) has been making significant headlines recently, driven by its heavy involvement in Bitcoin which has hit the 100k mark.
MSTR stock has surged over 500% in 2024, closely tied to Bitcoin’s price rally, which is approaching $100,000. As of mid-November, the company held approximately 279,420 Bitcoins, valued at over $27 billion at current market prices. Analysts attribute the growth to its pioneering role in Bitcoin adoption among corporations. While the stock has attracted bullish sentiment, there are concerns about its valuation relative to Bitcoin holdings. Some investors view direct Bitcoin ownership as more efficient than investing in MSTR. Nonetheless, MicroStrategy’s innovative strategy continues to attract attention
MSTR upside extension is now limited with the uptrend channel resistance 550 from which it was strongly rejected and that could be an end of parabolic third wave higher. A break above this level is required for a continuation higher in still third upside wave but it seems that the upside cycle’s third long-term wave has been finished and we should see a pullback lower in a fourth long-term wave before an extension higher in the fifth wave. Learn to Trade stocks profitably.