MicroStrategy (MSTR) Stock Is Up - MSTR, Bitcoin And Michael Saylor

Microstrategy stock price is rising, many analysts speculate Bitcoin is behind it.
Charlie Munger hasn’t had the time to study says Michael Saylor.
Bitcoin is currently on its way to break the resistance of $25000.

MicroStrategy (MSTR) stock price has seen a surge of 8% in the previous trading session and is trading near the value of $271. MSTR stock price has always remained hot in the eyes of analysts. Although founded in 1989 MicroStrategy has remained a prominent player in the Technology sector. Meanwhile, MicroStrategy has made headlines in recent year by investing heavily in Bitcoin. The prominent player behind this strategy was Michael Saylor. He has been praising Bitcoin for a long time. But Bitcoin has seen some downfall which has led MicroStrategy (MSTR) stock to post some big losses. Still, they have remained a prominent supporter of Bitcoin. Let’s take a deep dive into it.

The Past Of MicroStrategy

MicroStrategy is a publicly traded company that has a business of intelligence and analytics software. Their product has been from various fortune 500 companies and government agencies. They also offer mobile and cloud-based solutions and consulting.

MicroStrategy’s IPO came in June 1998 and was traded at around $12.Since then they have achieved a high of $1000 in the past years.

MicroStrategy was also one of the first companies which offered commercial business intelligence software and has a very strong reputation in this field. Michael Saylor is one of the CEOs of MicroStrategy who strongly advocated on Bitcoin and has invested in it.

MicroStrategy And Its Bitcoin Connection

MicroStrategy’s CEO, Michael Saylor, is a vocal proponent of Bitcoin and has been a strong advocate for its use as a store of value and a hedge against inflation. MicroStrategy first purchased Bitcoin in August 2020 which was worth around $25 Million. As per a Reddit user, Bitcoin of Microstrategy is stored in “1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR” and “1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ”. They are in line with the Bitcoin purchases made by MicroStrategy. Michael Saylor has strongly advocated for Bitcoin on Twitter and has gained a huge following.

Microstrategy has posted huge losses due to the strong volatility in Bitcoin The total revenue of MicroStrategy has seen a slight decrease in the present quarter. It had a gross profit for the fourth quarter of 2022 was $105.8 Million and had a 79.8% gross margin compared to a gross profit of $110.5 Million. As per the new regulatory findings, George Soros the billionaire hedge fund manager behind the Soros Fund increased his stake in MicroStrategy and initiated its position in Bitcoin and Ethereum He has also invested in Marathon Digital which is a crypto mining-based company. This has led to a strong increase in the MSTR stock price.

Microstrategy (MSTR) Stock On An Upside Move

The weekly technical chart of MicroStrategy suggests a continuation of the downside trend. MicroStrategy stock price is currently trading near the value of $271 with a gain of 8% in the intraday session. MSTR stock price is currently in an upside trend and may test the threshold of $300 in the near future. The bullish volume of the MSTR is seeing a weak rise. The volume change should see an increase to favor the bulls for $300. It is currently trading above the 20,50 and 100 EMA. They can act as a support of the price in case of a downtrend. It can see support near the price of $237. The demand zone of the MSTR is far below the current price. It has given a breakout above the trend line and can see the strong continuation of momentum.

The rise in the MSTR stock price can be linked to the increase in the value of Bitcoin due to their investments. Various analysts are concerned about MicroStrategy for their investments in Bitcoin. Various institutions have also increased their investments in the MicroStrategy like Citi group, and IMC Chicago.

Conclusion

MicroStrategy has always been a prominent supporter of Bitcoin. Michael Saylor advocates strongly for Bitcoin on various platforms. MicroStrategy has posted less revenue than expected. MicroStrategy has seen funding from the Soros club and other big institutions. It has pushed MSTR stock to a new high. MSTR stock price is currently in an uptrend and can soon see a new high in the future.

Technical Levels

Major Support: $250 and

Major Resistance: $300

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing