During the day this Thursday on the US stock market, assets related to the Cryptocurrency market improved. Particularly noteworthy was the performance of MicroStrategy (MSTR) shares, which escaped the negative streak. In the first three days of the week, the performance of this company was in the red.
After the thunderous rise last week, when they reached $541.5 dollars per unit, in the last few weeks they had a significant decline. Even during the day on Wednesday, November 27, they hit a local bottom of $342.2 dollars per share.
The decline in shares of Michael Saylor’s firm deepened as Bitcoin threatened to fall below $90K. However, this Thursday the matter changed radically, with an increase in purchasing pressure on BTC. This led the price of the pioneer cryptocurrency to rise to $97,000.
This counterattack by the bulls was also felt in the stock market, with MicroStrategy shares up 10% at the close of the day. MSTR’s share price closed the day at $388.98 per share, Yahoo Finance data shows. To get an idea of the magnitude of the recovery, it should be said that this week’s losses were completely erased.
During the day this Wednesday, MicroStrategy shares experienced a notable recovery after several days of decline. Source: Yahoo Finance
Will MicroStrategy Stock’s Streak Continue?
As already mentioned, this Thursday’s MSTR rally was closely related to Bitcoin’s recovery. The largest of the digital currencies in market capitalization suffered the worst streak since Donald Trump won the elections in the United States. Despite the sharp decline, the vast majority of analysts highlighted that the profit taking was short-lived.
And this was the case. Bitcoin whales continued to accumulate coins taking advantage of supply prices. In that sense, it didn’t take long for the price of the currency to hit its stride again. It is important to take into consideration that strong volatility could be experienced in the coming days.
The psychological barrier of $100K in the price of Bitcoin is presented as a Chinese wall. In this way, it is likely that it will reject the price again and a new episode of profit taking will occur. This behavior would be faithfully replicated in the actions of MicroStrategy and other companies linked to the crypto sector.
With this in perspective, it’s safe to say that MSTR stock will likely be on-again, off-again on Friday. In any case, everything will depend on the BTC price movements in the coming hours. Notably, apart from Bitcoin’s exchange value, MSTR stock is also benefiting from Wall Street’s good projections.
Following the company’s recent BTC purchases, some analysts upgraded the price target. As such, it would not be surprising if MSTR reaches $600 per share before the end of 2024.
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