There’s been plenty of calls for $100,000.
Now, analysts over at FS Insight say it could reach $200,000 by the second half of the year.
“Bitcoin became increasingly correlated with equities toward the end of the fourth quarter of last year and fell when faced with the prospect of central bank tightening,” FSInsight’s Head of Digital Asset Strategy Sean Farrell said, as reported by Coindesk.
While investors can always invest in the cryptocurrency miners, they can also invest in companies with large Bitcoin holdings. That includes:
MicroStrategy Inc. (MSTR)
MSTR plummeted from about $900 to about $307 on the cryptocurrency pullback. Oversold, with strong support, the stock is just starting to pivot higher. From a current price of $420, we’d like to see MSTR refill its bearish gap around $450 initially.
MSTR just invested another $25 million in Bitcoin. According to NDTV Profit, “MicroStrategy is reportedly the biggest corporate investor of the world’s largest cryptocurrency by market value. The company now holds a total of more than 125,000 Bitcoins.”
Block Inc. (SQ)
After getting crushed, Block may be a strong opportunity for two key reasons.
One, SQ is incredibly oversold with over-extensions on RSI, MACD, and Williams’ %R. The last time these indicators were this oversold, shares of SQ rocketed from about $38 to $285. Helping, SQ holds about 8,027 Bitcoin.
Coinbase Global (COIN)
COIN is just starting to pivot higher. After plunging to about $150, COIN is now up to $214.43. From here, we’d like to see it closer to $280. That’s possible if Bitcoin can push higher. Even better, Coinbase Global held 4,487 Bitcoin, as of September 2021.
