Category: Bitcoin

MicroStrategy ‘building the world’s largest bitcoin company,’ Bernstein says

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MicroStrategy can run another 80% from here thanks to its aggressive bitcoin buying strategy, according to Bernstein. The Wall Street firm initiated research coverage of MicroStrategy on Thursday before the market opened with an outperform rating and a $2,890 price target. That implies upside of another 80% based on the stock’s Wednesday close of $1603.67. By early trading Friday, MicroStrategy was already up 138% year-to-date, morre than double bitcoin’s roughly 57% advance in the same period. “Since August 2020, MSTR has transformed from a small software company to the largest…

Miners are selling their bitcoin as it struggles to hold onto $70,000

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Signs of miner capitulation are emerging as bitcoin continues to wrestle with the $70,000 level. According to data from CryptoQuant, the flow of bitcoin leaving miners wallets for exchanges – which indicates a selling event – reached a two-month high last weekend. Additionally, miner selling through over-the-counter desks saw its biggest daily volume since late March. “The miners are now competing for 450 bitcoin per day network wide versus 900 less than two months ago,” or post-halving , said Mike Colonnese, an analyst at H.C. Wainwright. “While rising transaction fees have helped…

Bitcoin is on the verge of a bullish breakout again. What to watch on the charts

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At the time of my January article , bitcoin was trading near $45k, and there were rumors circulating about the SEC finally approving an ETF. That became a reality the very next day. Let’s revisit the chart now. Our price target back then was $66.5k, which was near the former all-time highs. That has since been hit, but in classic crypto fashion, BTC first fell back to $38.5k by the end of January before bottoming. Despite the wild ride from a performance and volatility perspective, over the last six months, BTC…

Small bitcoin stake makes sense regardless of cryptocurrency thesis, says Fidelity

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Some investors might be trying too hard to understand bitcoin and missing an investing opportunity in the process, according to an executive from Fidelity Digital Assets. Matt Horne, head of digital asset strategies at the firm’s custody and trading arm for institutional investors, said investors and advisors are busy sharpening their cryptocurrency thesis when a small portfolio allocation is likely appropriate for them regardless of their thesis. “You could have multiple investment theses on bitcoin, and that’s okay,” Horne said Monday at the 2024 Vision conference, a crypto investing conference…

Bitcoin investors see sideways trading in June as focus turns to Washington

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Markets are nearing the official start of summer, but bitcoin may languish in June. The flagship cryptocurrency jumped 13% in May, according to Coin Metrics, its eighth monthly gain in the past nine months and its best month since February, when it soared 44%. That’s thanks to last week’s ether-led rally ahead of the SEC’s approval of a rule change allowing ether ETFs in the U.S., when ether surged 20% in two days. Now, aspiring sponsors of ether ETFs need to file their S-1 registration forms for the individual funds.…

Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery

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Crypto analyst Pierre has provided insights into why $69,000 is a significant price level for Bitcoin. He suggested the flagship crypto could hit a new all-time high (ATH) if it successfully holds above that range.  A Breakout Above $69,000 Could Lead To A Bitcoin Recovery Pierre mentioned in an X (formerly Twitter) post that Bitcoin must break above $69,000 as it would allow the crypto token to retest a range around the ATH region of $73,000. This could also open up the possibility of the flagship hitting a new ATH…

Bitcoin ETFs aren’t winning the hearts and minds of financial advisors

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Omer Taha Cetin | Anadolu | Getty Images A major thesis around bitcoin ETFs was that financial advisors needed regulated funds like them to direct their wealthy clients to invest in bitcoin. Almost six months after the launch of those ETFs, there are few signs that advisors are clamoring for the funds. Many remain just as averse to bitcoin now as they were before. That doesn’t mean the ETFs were a failed experiment, however. For one, bitcoin ETFs have been hailed as the most successful ETF launches in history, with BlackRock’s iShares Bitcoin Trust (IBIT) reaching…

Bitcoin Price Struggles to Reclaim $70K: Will the Bulls Prevail?

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Bitcoin price struggled to stay above $70,000 and corrected gains. BTC is now trading below $69,000 and showing a few bearish signs. Bitcoin extended its downside correction below the $69,000 zone. The price is trading below $69,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below the $67,500 support. Bitcoin Price Revisits Support Bitcoin price started…

Semler Scientific surges on new bitcoin treasury strategy

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Semler Scientific, a little-known medical technology company, saw its shares surge Tuesday after it said it has adopted bitcoin as its primary treasury reserve asset, taking a page out of MicroStrategy’s playbook. The company, which develops products used in the detection of peripheral arterial disease, also announced a purchase of 581 bitcoins for about $40 million, inclusive of fees and expenses. The stock soared 30% Tuesday, while bitcoin traded lower by about 2%, according to Coin Metrics. Semler, which has a market capitalization of about $210 million, is down more…

Bitcoin faces headwinds challenging miners in near term, says JPMorgan

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Unprofitable bitcoin miners are starting to exit the network after the halving , as expected. That’s a relief to remaining miners because it makes producing a single bitcoin less expensive. But much of their performance relies on bitcoin’s price, which still faces several near-term headwinds, according to JPMorgan. “The current hashrate and power consumption put our central estimate of the bitcoin production cost to around $45,000, i.e. well below current prices,” JPMorgan’s Nikolaos Panigirtzoglou said in a note Thursday. Bitcoin is currently trading at about $66,000, after a 7% rally…