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bitcoin bull MicroStrategy has bought another $615 million worth of btc, but 10x Research says its share price is now 25% overvalued and is at imminent risk of a sharp correction.
Analysts led by Markus Thielen, who previously predicted that bitcoin would rally this year, based their analysis on a regression model that studies the relationship between MicroStrategy's stock price and btc counted price.
“The regression model shows that MicroStrategy is 26% overvalued and 20% underdog based on current bitcoin prices,” he said. “It's time to make a profit.”
<img decoding="async" alt="bitcoin play MicroStrategy is currently the most purchased security among retail investors” src=”https://www.newsbtc.com/wp-content/uploads/2021/09/MicroStrategy-to-Raise-400M-to-Buy-More-bitcoin.jpeg”/><img decoding="async" src="https://www.newsbtc.com/wp-content/uploads/2021/09/MicroStrategy-to-Raise-400M-to-Buy-More-bitcoin.jpeg” alt=”bitcoin play MicroStrategy is currently the most purchased security among retail investors”/>
MicroStrategy Share Price Hits 25-Month High
MSTR is up 374% this year and hit a 25-month high of $673 on December 27 to become one of the best-performing cryptocurrency-related stocks for 2023.
MicroStrategy's accumulation of btc began three years ago. Since then, the asset manager has acquired 189,150 btc worth about $5.9 billion.
The Nasdaq-listed company's decision to acquire btc has paid off, as the leader points out. bitcoin/”>crypto has increased around 160% so far this year. This was after it managed to record a 60% profit during this quarter alone.
10x Research also believes that several cryptocurrency-related stocks are trading near fair value based on the price of bitcoin.
“We suggest taking profits and cutting long positions,” he said. “HIVE, HUT and GALAXY still offer some value here, but BIG money has been made on those stocks.” 10x said.
MicroStrategy has acquired an additional 14,620 btc for ~$615.7 million at an average price of $42,110 per bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin. As of 12/26/23, @MicroStrategy now it has 189,150 $btc acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW
—Michael Saylor (@saylor) December 27, 2023
MicroStrategy continues buying btc. In a December 27 X post, company founder and president Michael Saylor revealed that Microstrategy bought another 14,620 btc worth $615.7 million. The BTCs were purchased at an average price of $42,100 per bitcoin, it said.
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