Michael Saylor’s Microstrategy (MSTR) stock is on track for its highest closing since March 2000 after soaring 20% on Monday following Bitcoin’s rally to $67,000. MSTR traded above $1,330 before correcting slightly and is on course for its highest daily percentage gain of 20.65%, last recorded in May 2022.
MSTR’s price uptick marks the sixth consecutive trading day the stock rose; during this period, the New York-traded stock has moved 88.59%. Microstrategy’s stock has also profitably closed in seven of the last eight trading days.
Bullish
If MSTR continues this bullish trend, it could surpass its 10-day consecutive trading streak, which is its longest ever. Microstrategy’s current 6-day streak trend is in the similitude of Bitcoin’s 1-day chart, which has posted daily gains in eight of the last ten closings.
MSTR has been on a rollercoaster ride since the start of the year. Since the beginning of 2024, the stock has gained 105%, jumping from $685 per share to the current price. Year-to-year, MSTR has rallied 444.5% from the lows of $237.
Insane Correlation With Bitcoin
Microstrategy’s stock has notably correlated with Bitcoin, displaying similar trends despite being in different markets. This is not surprising, seeing the disposition of its founder, Michael Saylor, on the crypto asset and the amount the tech firm invested in Bitcoin.
After its quarterly update for Q4 in February, the tech firm noted that Microstrategy is the “world’s first bitcoin development company.” It also alleged that despite the exchange-traded fund (ETF) launch, it still remains the best bet for Bitcoin exposure.
With such a correlation with Bitcoin, MSTR could be on a good run as the crypto bull run is still early. MSTR is still 58.58% down from its all-time of $3,130, last seen in March 2000.
