Markets
An Explosive Bitcoin Price Rally to $100,000 Is Imminent?
Earnings season is upon us, the 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 face high volatility. In the meantime, Bitcoin (BTC) Price showed resilience, navigating the crypto earnings calendar by moving back above $67,000, chasing the current record high of $73,837, CoinGecko the data shows.
What the Crypto Earnings Calendar Means for Investors
Earnings season calls for investors to reevaluate their positions in various stocks. Analyst reviews and reports will also be useful during this period. Insights from these reports will play a vital role for investors seeking to understand the performance of publicly traded crypto companies and help shape broader market trends.
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 essential to effectively navigating the markets.
Companies that have already reported results in May include Robinhood and Coinbase, while DMG Blockchain Solutions and Crypto Co are expected to release a financial update on May 20.
Often, crypto stocks perform well when cryptocurrency prices rise and fall alongside declines in digital assets. MicroStrategy (MSTR) stock has reached all-time highs over the past two quarters, supported by the bullish narrative, especially with Bitcoin Price.
The stock, according to data from Yahoo Finance, is trading at $1,668 from its January low of $448. Following Bitcoin’s price correction to $56,500 in April, MSTR returned to $1,030 before resuming the uptrend, reflecting BTC’s bullish outlook in May.
MicroStrategy (MSTR) Stock Price Chart | Yahoo Finance
Bitcoin Price Triggers Breakout to Close Gap to $100,000
After experiencing a slump during the weekend correction below $67,000, BTC renewed its bullish outlook, surpassing $68,000 on Monday. A 64% increase in trading volume to $28 billion corresponds to a 2.65% increase in value to $68,470, based on CoinMarketCap data.
Bitcoin Price Chart | Commercial view
Several indicators and elements 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 come into play as soon as Bitcoin climbs above $70,000. Action beyond March’s record could quickly close the gap to $80,000, confirming a breakout to $100,000.
A golden cross pattern formed when the 20-day exponential moving average (EMA) climbed above the 50-day EMA shows that buyers have the upper hand. Traders will be on the lookout for a daily close above $68,000, a move likely to prevent further correction while favoring a breakout above $70,000.
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