With Bitcoin regaining momentum, it’s time to buy oversold Bitcoin stocks, we said on September 10. “In fact, after finding triple-bottom support dating back to July, the digital currency is up about $1,553 on the day. Last trading at $56,432, we’d like to see it rally back to $64,000 near-term,” we added. While it’s not up to $64,000 just yet, Bitcoin has rallied back to $59,670. Plus, as noted by CoinTelegraph.com, the digital currency could rally back to $64,000 “very quickly” if the Federal Reserve gets aggressive with interest rate cuts. “This marks the start of a new dovish Fed policy regime, the first significant change since late 2021, when the Fed notified of their hawkish regime shift and which saw rates rise from 0 to 5.5% in 18 short months,” they added. “This Hawkish regime also coincided with Bitcoin’s collapse from $60K to $15K. We are now at the start of the exact opposite regime.” |
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Not only is that great news for Bitcoin holders, but also for the Bitcoin-related stocks we mentioned just last week, including: “With more than 1% of all Bitcoin on hand, MicroStrategy (SYM: MSTR) rallies when BTC rallies,” we also noted last week. “Even better, MSTR is technically oversold at $123.74. It’s also oversold on RSI, MACD and Williams’ %R and could rally back to $150 near-term. Helping, Barclays just initiated an overweight rating on MSTR.” Today, MSTR is back up to $132.65 and could push even higher with Bitcoin. Helping to fuel upside, MSTR’s co-founder Michael Saylor recently said Bitcoin’s price could rocket to $13 million per coin over the next 21 years. |
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Company: Marathon Digital (SYM: MARA) We also said “Bitcoin mining stock Marathon Digital (SYM: MARA) is also oversold. After also catching triple-bottom support dating back to April, MARA is starting to pivot higher, too. It’s also over-extended on RSI, MACD and Williams’ %R and could retest $18 near-term. It could rally even higher if Bitcoin can continue to recover.” At the time of that initial note, MARA traded at $14.80. Today, it’s up slightly at $16.05. From here, with Bitcoin set to rally on interest rate cuts, it could retest $19. |
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Written by Dylan Jovine