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Bitcoin Halving Rally May Benefit MicroStrategy
Analysts predict that the impending Bitcoin halvening, could spell positive news for stocks centred around Bitcoin, companies such as MicroStrategy could stand to profit, for example. As per Berenberg Capital analysts, MicroStrategy, owned by Michael Saylor, could witness a marked increase in share price owing to the substantial value it holds in Bitcoin, estimated to be around 152,333 on the books. The Bitcoin halving event is marked for April 26th, 2024.
Bitcoin Reclaims $31K: Bullish Forecast from Standard Chartered
Following the pattern of the first three Bitcoin halvings, the fourth one's pre-halving rally should begin in about four months, if the historical pattern is continued. Bitcoin’s price spiked to regain the $31,000 mark on July 10th. This news has increased optimism among investors, suggesting that the firm resistance area will soon be supporting. On the same day, Standard Chartered projected Bitcoin’s price hitting an exciting $50,000 by the close of this year and a new all-time high of $120,000 sometime in 2024.
As per traders’ analysis, the BTC weekly chart shows its price formation in a cup and handle structure. Many traders consider this pattern to be bullish and as such, they believe that the Bitcoin’s present trading boundaries at the $30,800 level are at the edge of the neckline for the pattern. Consequently, turning the $32,000 level into solid support for a few continuous days would affirm this pattern, possibly leading to a new price target within the $48,000-$58,000 range. Interestingly, despite an extensive trend of Bitcoin miners transferring their mining rewards to crypto exchanges since last week, this seems to have minimal impact on Bitcoin's price.
Rising Stocks for Coinbase Despite SEC Lawsuit
The Coinbase cryptocurrency exchange, currently challenged by a securities violation lawsuit in the U.S., has seen a steady rise in their stock. Despite the U.S. Securities and Exchange Commission (SEC) lawsuit for allegedly offering unregistered securities, Coinbase's stocks have surged more than 50%. Data from TradingView shows that Coinbase shares soared 51%, growing from around $52 on June 6th to $78.7 on July 7th. Its six-month growth is about 133%, with year-to-year growth at roughly 50%. In spite of such growth, some significant Coinbase shareholders have been steadily selling their shares. On July 6th, a group of senior Coinbase executives, including CEO Brian Armstrong, sold a total of 88,058 shares, worth about $6.9 million.
