CandleFocus Legendary Trader Peter Brandt Weighs In on MicroStrategy's BTC-Fueled Rally
2024-10-12
Author: Content Editor
Shares of MicroStrategy (MSTR) have been rising in relation to the price of Bitcoin, resulting in the highest premium to the value of its BTC holdings in over three years. Since the launch of Bitcoin ETFs in January, MicroStrategy stock has increased by over 240%, outperforming Bitcoin, which has dropped 16% since its record high in March. Traders and market observers have taken note of this development, leading to discussions. Legendary trader Peter Brandt cautioned against following MicroStrategy's price action, stating that it is closely linked to Bitcoin. Despite the recent disconnect, Brandt believes MicroStrategy will ultimately trend with Bitcoin. At present, Bitcoin is up 3.11% in the last 24 hours, while MicroStrategy's stock has risen 11% to a 25-year high. MicroStrategy owns 252,220 BTC worth almost $9.9 billion and its net asset value premium has reached its highest level since February 2021. The stock price divided by the Bitcoin price also shows the highest ratio since MicroStrategy adopted Bitcoin.
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