Core

2024

Bitcoin

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<p>MicroStrategy stock price was higher by 3% Monday morning as Bitcoin retested the crucial resistance at $70,000.</p> 
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   <p lang="en" dir="ltr">$13M is the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> Base Case. <a href="https://t.co/0Wz60P2C5n" target="_blank" rel="">pic.twitter.com/0Wz60P2C5n</a></p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1817170455578427708?ref_src=twsrc%5Etfw" target="_blank" rel="">July 27, 2024</a>
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<h2 class="wp-block-heading" id="bitcoin-stocks-are-rising">Bitcoin stocks are rising</h2> 
<p>Bitcoin-related stocks rallied in the pre-market session as Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) continued its rebound. MicroStrategy (MSTR) soared to $1,828, its highest point since March 28.</p> 
<p>Importantly, the stock has continued to outperform Bitcoin and spot ETFs like IBIT, FBTC, and ARKB, rising by over 177% this year while Bitcoin is up by 57%. Other companies like Riot Platforms, Marathon Digital, and Core Scientific also rose by over 5% in the pre-market session. Coinbase, the biggest crypto exchange in the US, also rose by 4% ahead of its upcoming earnings.</p> 
<p> You might also like: <a href="https://crypto.news/coinbase-stock-price-is-rising-aug-1-will-be-crucial"> Coinbase stock price is rising; Aug. 1 will be crucial </a> </p> 
<p>MicroStrategy’s stock benefits when Bitcoin rallies as it is the largest holder in the world with <a href="https://bitcointreasuries.net/" target="_blank" rel="">226,331 coins</a>. The company added more coins this month, using part of the <a href="https://crypto.news/microstrategy-upsizes-convertible-offering-to-700m-to-buy-bitcoin/" target="_blank" rel="noreferrer noopener">$700 million</a> it raised in June.&nbsp;</p> 
<p>In a statement at the Bitcoin Conference in Tennessee, Michael Saylor, the company’s Chairman, said that the coin would rise to $13 million, while VanEck predicted that the coin would rise to $2.9 million by 2050.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">$13M is the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> Base Case. <a href="https://t.co/0Wz60P2C5n" target="_blank" rel="">pic.twitter.com/0Wz60P2C5n</a></p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1817170455578427708?ref_src=twsrc%5Etfw" target="_blank" rel="">July 27, 2024</a>
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<p>Bitcoin has more upside now that its futures open interest has jumped to a record high and after the price soared above the upper side of the falling broadening wedge chart pattern. This wedge is one of the most bullish patterns. The breakout happened after the coin moved to the third phase of the three drives pattern.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">$13M is the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> Base Case. <a href="https://t.co/0Wz60P2C5n" target="_blank" rel="">pic.twitter.com/0Wz60P2C5n</a></p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1817170455578427708?ref_src=twsrc%5Etfw" target="_blank" rel="">July 27, 2024</a>
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<h2 class="wp-block-heading" id="microstrategy-earnings-ahead">MicroStrategy earnings ahead</h2> 
<p>The next important MSTR stock news will be the upcoming earnings on August 1. The <a href="https://seekingalpha.com/symbol/MSTR/earnings" target="_blank" rel="">average estimate</a> is that its revenue rose to $121 million in the second quarter from $115 million in Q1. It will also be higher than the $120 million it made in the same quarter in 2023.&nbsp;</p> 
<p>Unlike other companies, MicroStrategy’s earnings don’t have a major impact on the stock because of its vast Bitcoin holdings. Its stock dropped by less than 5% when it published its first-quarter results and barely moved after its Q4 2023 earnings.</p> 
<p>A key concern among investors is that it has become highly overvalued, with a market cap of over $31 billion against Bitcoin holdings worth $15.8 billion. Its core solution has not been doing well, with annual revenue falling from $499.3 million in 2022 to $496 million in 2023.</p> 
<p>Another catalyst for MSTR shares will be its stock split scheduled for August 8. The 10-1 stock split will bring its stock around $175, making it more accessible to retail traders. In most cases, shares rise ahead of a stock split.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-buyer-microstrategy-announces-10-for-1-stock-split"> Bitcoin buyer Microstrategy announces 10-for-1 stock split </a> </p>

MicroStrategy stock rises as Bitcoin price pierces the falling wedge

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