It’s time to dip a toe back into Bitcoin and stocks reliant on its success, we said on January 12.
In fact, one of those stocks mentioned was MicroStrategy (MSTR), for example.
“Since 2022 began, MSTR plummeted from about $500 to a low of about $133. All because it holds a substantial amount of BTC. However, as BTC recovers, so should MSTR. In fact, we believe MSTR could retest at least $300 before long,” we noted. Today, MSTR hit a high of $302.90, and we now believe it could rally back to $400 shortly.
We also mentioned Marathon Digital (MARA)
At the time, we noted, “The mining stock fell from about $35 to $3, and is just now starting to pivot higher. If it can break above resistance around $6.45, it could potentially test $15 again soon. Helping, the company just announced it produced 475 BTC in December, and a total of 1,562 BTC in Q4 2022. It also produced 4,144 BTC in 2022, a 30% year over year jump.”
Today, MARA is up to $8.40 and still running.
There was also Riot Blockchain (RIOT), which now trades at $7.68.
With RIOT, we noted, “RIOT fell from about $22 to less than $4 a share. However, it’s also starting to recover lost ground, and could see $10 again soon. Riot produced 659 BTC, an increase of approximately 55% as compared to December 2021 production of 425 BTC. RIOT also held about 6,952 BTC, all produced by the Company’s self-mining operations, as of December 31, 2022.”
If the Bitcoin rally can continue, these three stocks could push higher, too.
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