With Bitcoin attempting to push aggressively higher, keep an eye on MicroStrategy (SYM: MSTR). With 226,500 BTC on hand, the stock benefits any time Bitcoin prices push higher.
The stock is also oversold at triple bottom support dating back to May. Last trading at $119.57, we’d like to see it retest $150 initially.
Helping, Barclays just initiated an overweight rating on the MSTR stock, noting, “We are initiating coverage of MSTR with an OW rating and $146 price target. The company’s strategy—to convert a sticky enterprise software business into a bitcoin accumulation vehicle—is unique and differentiated,” as quoted by CNBC.