CandleFocus MicroStrategy Falls 16% Despite New Bitcoin Record as Some Question Valuation
2024-11-22
Author: Content Editor
MicroStrategy, a Bitcoin development company, experienced a double-digit percentage loss in its stock despite the surge in the price of Bitcoin. The stock closed the session down 16.2% but is still considerably higher than it was a year ago. Citron Research's Andrew Left commented that MicroStrategy's valuation has detached from Bitcoin fundamentals and recommended shorting MSTR while remaining bullish on BTC. MicroStrategy's market cap topped $100 million, more than three times the value of the Bitcoin on its balance sheet. Technicians have noted that the stock meets the criteria for a textbook parabolic short. The positive flywheel effect has contributed to the stock's rise, as its high valuation allows the company to raise capital and buy Bitcoin. However, Jonathan Weil warns that investing in MicroStrategy's stock is speculative.
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