Matrixport: MicroStrategy Stock Price Shows Bitcoin Should Be at 38K, SEC Fake News Is Sell the News Event

After Matrixport analyst Markus Thielen continuously released bearish analysis reports on Bitcoin, Matrixport also used the stock price of MicroStrategy for analysis on its official website , believing that the reasonable price of Bitcoin should be 38K, and also commented on the false news from the SEC this morning. "sell the news" event.

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MicroStrategy Stock Price Reaction Bitcoin Should Be Priced at 38K

The report stated that MicroStrategy, already an unofficial Bitcoin spot ETF, has seen its share price fall by 14% since the end of December, while Bitcoin has risen by 8% during this period. Based on the two stock price charts, Bitcoin should be priced at 38,000.

The broader crypto stock space has also sold off during this period and has not followed Bitcoin prices higher. Coinbase fell 18% and Marathon fell 8%.

SEC fake news is a “sell the news” incident

The report also commented that this morning’s SEC fake news was a “sell the news” incident. Because this time Bitcoin only rose 1,000 points, and then profit-taking occurred and even fell even more.

Maxtrixport believes that cryptocurrency investors are overly optimistic and that TradeFi’s inflows may disappoint investors. Because fierce competition for ETF fees marks a shrinking market share, players can only stand out by lowering fees. Trading Bitcoin through ETFs is cheaper than trading directly on cryptocurrency exchanges.

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ETH will outperform BTC

The report also suggested that the market switched from Bitcoin to Ethereum fifteen minutes after receiving the false approval notification. This could be short covering in Ethereum futures. Matrixport also pointed out in its weekly report that if the Bitcoin ETF is approved, the focus may turn to Ethereum, as the deadline for Ethereum ETF approval will become the focus of investors, and the current deadline is May 2024 . Ethereum may be outperforming Bitcoin right now.

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