Bitcoin
Explosive Bitcoin Price Rally to $100,000 Imminent?
Earnings season is upon us – a time when companies report their first quarter performance. Investors in the crypto market will be on the lookout for the best performing stocks, providing insight into future growth patterns, especially with cryptocurrencies dealing with high volatility. About that, Bitcoin (BTC) Price showed resilience, navigating the crypto earnings calendar returning above $67,000, chasing current record highs of $73,837, CoinGecko data show.
What the Crypto Earnings Calendar Means for Investors
Earnings season invites investors to reevaluate their positions in various stocks. Analysts’ analyzes and reports will also be useful during this period. Insights from these reports will play a critical role for investors looking to understand the performance of publicly traded crypto companies, as well as help shape trends for the broader market.
According to a report from Finextra, “Each earnings report this week provides valuable data that can influence investment decisions and market outlook. As always, staying informed and analyzing these reports in the context of global economic conditions will be critical to effectively navigating the markets.”
Companies that have already released their May earnings include Robinhood and Coinbase, while DMG Blockchain Solutions and Crypto Co are expected to release financial updates on May 20.
Often, cryptocurrency stocks perform well when cryptocurrency prices rise and fall along with pullbacks in digital assets. MicroStrategy (MSTR) shares have reached unprecedented highs over the past two quarters, driven by the bullish narrative, especially with Bitcoin Price.
The stock, according to data from Yahoo Finance, is up $1,668 from its January low of $448. Following the correction in Bitcoin’s price to $56,500 in April, the MSTR retreated to $ 1,030 before resuming the uptrend, reflecting BTC’s bullish outlook in May.
MicroStrategy (MSTR) Stock Price Chart | Yahoo Finance
Bitcoin Price Begins a Breakout to Close the Gap to $100,000
After experiencing a crisis during the weekend correction below $67,000, Bitcoin renewed its bullish outlook, surpassing $68,000 on Monday. A 64% increase in trading volume to $28 billion supports a 2.65% increase in value to $68,470 based on CoinMarketCap data.
Bitcoin Price Chart | Trading view
Several indicators and issues reinforce the bullish thesis, starting with a buy signal from the Moving Average Convergence Divergence (MACD) indicator. The green histograms also validate the uptrend reaching $70,000.
FOMO will likely kick in as Bitcoin rises above $70,000. Action beyond the March all-time high could quickly close the gap to $80,000, asserting a breakout to $100,000.
A golden cross pattern formed when the 20-day exponential moving average (EMA) rose above the 50-day EMA shows that buyers have the upper hand. Traders will be watching for a daily close above $68,000 – a move that will likely prevent further corrections while favoring a breakout above $70,000.
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