MicroStrategy (MSTR) Stock Jumps 10%, Eyes $700 Target by June

MicroStrategy’s stock price (MSTR) is up 10.43% today, now trading at $335.72, with a high of $336.77 and a low of $311.36, thanks to the global stock market as it made a massive recovery, adding $1.2 trillion in value.

MSTR Price Chart | Source: Google Finance

Bitcoin is also a reason behind this surge. MicroStrategy, led by Michael Saylor, has been buying Bitcoin like crazy. It recently rebranded to Strategy.  

The company recently spent $584 million on more BTC, bringing its total stash to 506,137 BTC, worth a whopping $44.1 billion. Thanks to this, MicroStrategy has already seen $3 billion in Bitcoin gains this quarter, with a 74.3% return in 2024 alone.

If Bitcoin goes up, MSTR goes up too. However, analysts predict the stock might hit $700 by June. 

Market Analyst, Peter DiCarlo, explained in a recent post on X, “The THT Wave has triggered a bottom signal on $MSTR — and historically, this setup has led to explosive moves. Our model projects a target of $700 by end of June,” he said.

Source: X

The THT Wave pattern is a well-known market signal that has led to big price rallies in the past. Right now, DiCarlo says MSTR is also forming a falling wedge breakout, which is another strong indicator that the stock could be ready to skyrocket. With Bitcoin still climbing, everything is lining up for a huge move.

Michael Saylors’ Strategy is the biggest corporate Bitcoin holder in the world . With 500k BTC in its control it owns 2.4% of all Bitcoins in circulation. This aggressive Bitcoin strategy has made Michael Saylor a major voice in the crypto world. He’s been pushing the idea that Bitcoin is the future, and so far, it’s working out for his company.