Crypto Analyst Claims MicroStrategy Is “On The Ropes” Amidst Bitcoin Selloff

Tony "The Bull" Severino

1 year ago

3 mins read

bitcoin MicroStrategy Michael Saylor on the ropes

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MicroStrategy and its head honcho Michael Saylor have become synonymous with Bitcoin, responsible for kicking off the corporate treasury reserve trend that’s transpired ever since.

As a result of the innovative, albeit risky move, company shares skyrocketed to revisit dot com-bubble resistance levels. The rejection, has left MicroStrategy “on the ropes” amidst the recent Bitcoin selloff, suggesting things could potentially get a lot deeper.

Michael Saylor Keeps Buying Bitcoin As Prices Plummet

Raging Bitcoin bull Michael Saylor has spent the last several months being the mouthpiece of the top cryptocurrency by market cap, essentially acting as its CEO, marketing department, corporate business development manager, and social media manager all-in-one.

He uses his platform as a way to spread the word about the cryptocurrency’s value, which he has repeatedly double, and tripled down on, and then some.

At the rate he’s going, the guy will have a wallet containing more BTC than Satoshi another year or so from now. Up until recently, this has been paying off dramatically for Saylor and anyone he influenced and bought BTC, as the price per coin has been rising substantially.

MicroStrategy shares went parabolic like Bitcoin | Source: NASDAQ-MSTR on TradingView.com

In tandem, the price per share of MicroStrategy (MSTR) also went parabolic, mimicking the current Bitcoin price chart.

The recent selloff and potential peak in the leading cryptocurrency by market cap, is following a similar trajectory downward after doing the same on the way up.

MicroStrategy Shares On The Ropes, Here’s Why Investors Could Be Uneasy

MicroStrategy shares are now “on the ropes,” according to one top crypto analyst. A potential retest could be in progress, and if the attempt fails, it could be a technical knock out for the corporation’s crypto-fueled rally.

But could this also mean that sentiment is shifting enough in Bitcoin for MicroStrategy to be affected this negatively? That same theory vice versa doesn’t make sense.

Whatever the case may be, there is a chance that Saylor’s bet on Bitcoin will be right, but was still a little too soon for the cryptocurrency.

Michael Saylor's company shares were hit hard post dot com era | Source: NASDAQ-MSTR on TradingView.com

Where the recent MicroStrategy rally topped out, was at resistance dating back to the dot com bubble. When that popped, Saylor was reportedly left as one of that era’s biggest losers financially, according to Fortune Magazine. Saylor had lost a total of $13.5 billion.

Related Reading | Why March Is The Bloodiest Month In Bitcoin History

Once again, Saylor could end up losing out big due to his commitment to being a pioneer in the cryptocurrency. The bold bet in Bitcoin has paid off, but his continued push has made many investors question his speculative bet – which could be behind the correction in MicroStrategy shares in the first place.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
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Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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