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Technical analysts note that the gap between the lows and the neckline is above 35%, reinforcing the strength of the formation. If STR successfully breaks above $320.94, the expected upside target according to traditional charting techniques is $410.
Moreover, STR broke out above the downtrend line that has been in place since the November high at $543, further supporting the bullish case.
The strategy's double bottom formation is in sharp contrast to the double top formation seen in Bitcoin ($BTC ) earlier this year, which was a signal that warned of a recent crypto sell-off.
Technical analysts note that the gap between the lows and the neckline is above 35%, reinforcing the strength of the formation. If STR successfully breaks above $320.94, the expected upside target according to traditional charting techniques is $410.
Moreover, STR broke out above the downtrend line that has been in place since the November high at $543, further supporting the bullish case.
The strategy's double bottom formation is in sharp contrast to the double top formation seen in Bitcoin (BTC) earlier this year, which was a signal that warned of a recent crypto sell-off.
BTC's double-top crash occurred on February 24, when prices fell below $91,000, confirming a downtrend reversal. The decline accelerated, with Bitcoin falling to $76,800 last week. The Nasdaq index, which is dominated by tech stocks, experienced a similar crash earlier this month.
According to Chartered Market Technician (CMT) studies, double bottom and double top formations have low failure rates, meaning successful breakouts or crashes tend to trigger sustained price trends.
As the largest publicly traded Bitcoin holder, Strategy's stock is often seen as a proxy for BTC price movements.
The company currently holds 499,096 BTC, worth around $41.5 billion at current market prices.
If MSTR does break out of the double
bottom, it could signal renewed bullish
momentum not just for the stock but
also for Bitcoin and the broader
crypto market.
$BTC
{spot}(BTCUSDT)
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