The Bitcoin Therapist, a pseudonymous Bitcoin (BTC) maximalist account on X, posted that the coin can hit hundreds of thousands of dollars. However, the handle noted that his prediction was based on the price of MSTR, Microstrategy’s stock.
Feels like $MSTR could potentially hit $5,000-10,000/share by EOY.
Obviously that would require a #Bitcoin price in the hundreds of thousands.
The biggest mistake anyone can make is to doubt Michael Saylor. He’s an absolute genius.
He is playing Wall Street like a fiddle.
— The ₿itcoin Therapist (@TheBTCTherapist) March 10, 2024
According to him, MSTR could hit between $5,000 to $10,000 per share by the end of 2024. He also mentioned that Bitcoin’s price would increase as long as MSTR jumps.
Big Bets on MSTR and BTC
Since adding Bitcoin to its balance sheet, Microstrategy, led by Chairman Michael Saylor, has seen its stock strongly correlate with BTC.
At press time, MSTR’s price was $1,425, representing a 108.70% increase on a Year-To-Date (YTD) basis. On the other hand, BTC changed hands at $69,445 at press time. This value was a 57.24% hike within the same period.
Apart from the correlation between Bitcoin and MSTR, the profit margin of the company’s Bitcoin holdings has reached incredible levels.
As of this writing, Arkham Intelligence data showed that the value of the holdings has increased by 116% since the first purchase. This increase has helped the market value of the asset rise above $13 billion, with over $5.50 billion in profit.
Microstrategy Bitcoin Balance (Source: Arkham Intelligence)
Bitcoin Price Analysis
On March 8, bulls pushed Bitcoin’s price above $70,000 as the coin hit a new all-time high. However, the daily BTC/USD chart showed that some traders decided to book profits moments after the milestone.
The red candlestick presence in the market did not last for long as BTC was back in the upward direction. Furthermore, Coin Editon noticed that no obstacle in front could stop the price from retesting $70,000.
As it stands, Bitcoin is likely to rise above $75,000. But that would only be the case if bulls resist bearish dominance as they have done over the last few days. Another indicator supporting the upswing was the Exponential Moving Average (EMA).
At press time, the 20 EMA (blue) was at $61,505 while the 50 EMA (yellow) was at 54,285. The upward crossover of the 20 EMA over 50 reinforced the bullish thesis.
BTC/USD Daily Chart
But traders need to watch out. If Bitcoin’s price slides below the 20 EMA, the price might undergo a correction which could lead it to $56,799. That would mean a 19% decline.
However, the momentum displayed by BTC suggested that a significant drawdown was unlikely. Hence, the price of the coin has the potential to rise much higher than $75,000.
Apart from The Bitcoin Therapist, Timothy Peterson, an analyst, mentioned that the price could reach six figures. But in Peterson’s case, he gave a timeline, saying Bitcoin might hit $100,000 by October 2024.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
