- Bitcoin price surged to over $40,000 on Monday morning as the rally gained steam.
- BTC has surged, helped by FOMO, ETF hopes, and the expectation of Fed rate cuts.
- MSTR, Coinbase, Riot Platforms, and Marathon Digital are some of the coins to watch.
Bitcoin-related stocks will be in the spotlight on Monday as investors cheer the ongoing crypto bull run. Bitcoin price surged to over $40,750, its highest point since April 2022, making it the best-performing major cryptocurrency. It is not alone as other coins like Aurora, BEAM, Terra Luna Classic, and ORDI have surged.
Analysts believe that Bitcoin has more room to run, helped by the Fear of Missing Out (FOMO), ETF-related news, and the upcoming halving. In a note to CNBC, the CEO of CoinDCX said:
“A number of market participants are expecting a bull run some time after the halving, but given the ETF news, we could very well have a run before that leaving most investors on the sidelines. That could cause a massive upward run in the price.”
Coinbase stock price forecast
Coinbase (COIN) stock price has been one of the best performers on Wall Street this year. After falling to $31 in December 2022, the shares have jumped to over $133, helped by the strong crypto performance.
The rally has ignored the key risks in the industry, including the major SEC lawsuit that threatens its business strategy. Investors are assuming that the company will ultimately settle with the SEC as Binance did recently.
Turning to the daily chart, we see that the Coinbase stock price formed a cup and handle pattern whose upper side was at $114. In most cases, this pattern is one of the most bullish ones, which explains why it has now gained momentum.
Coinbase remains above the 50-day and 100-day Exponential Moving Averages (EMA) while oscillators like the Stochastic and Relative Strength Index (RSI) have soared. The surge of these oscillators is a sign that the shares are regaining momentum.
Therefore, the outlook for the COIN stock price is bullish, with the next point to watch being the psychological level at $150.
MicroStrategy stock price forecast
MicroStrategy (MSTR) stock has also been a major shining star in 2023 as the price of Bitcoin has surged. As I wrote recently, most people invest in MSTR because of its vast Bitcoin holdings. They ignore its IT solutions and instead see it as the best alternative to BITO, the expensive BTC futures ETF.
Turning to the daily chart, we see that the MSTR stock price has jumped sharply this year. It recently crossed the important resistance point at $474.10, the highest swing in July last year. The shares have moved above the 50-day and 100-day moving averages. Most recently, it has formed a bullish flag pattern.
Therefore, the outlook for the MSTR stock price is bullish, with the next target being at $600.
MARA stock price analysis
Marathon Digital (MARA) share price has done well in the past few months. Higher Bitcoin prices mean that the company will be more profitable in the fourth quarter than expected. Its balance sheet is also set to benefit because of its vast BTC holdings.
Turning to the daily chart, we see that the MARA share price has surged recently and moved above the key resistance point at $12.81, the highest swing in April last year. The 100-day and 50-day moving averages are about to form a bullish crossover while the RSI has now crossed the overbought point.
Therefore, the outlook for the Marathon Digital share price is bullish, with the next point to watch being at $19.88. This price is about 45% above the current level and is the highest point this year.
Riot Platforms stock price analysis
Riot Platforms is another big company in the Bitcoin mining industry. Therefore, its stock does well when Bitcoin is thriving. As shown above, the stock has roared to $13.77, the highest point since August 15th. The 50-day and 100-day moving averages are close to forming a bullish crossover.
At the same time, the Relative Strength Index is nearing the overbought point of 70, signaling that it has momentum. Therefore, the outlook for the shares is bullish, with the next point to watch being at $20.65.
