By Strive stock extended its recent rally as Bitcoin regained momentum. ASST climbed to $30.8, its highest level since October 2nd and a gain of 335% from its lowest point this year. Bitcoin, meanwhile, jumped to $84,360, up 45% from its year-to-date low.
Strive stock jumps amid Bitcoin rally
Strive, a company associated with Vivek Ramaswamy, has slowly become one of the biggest Bitcoin holders in the world. Data shows that the company now holds 36,818 coins valued at over $3.1 billion. This growth has made it the fourth-biggest Bitcoin holder after Strategy, Metaplanet, and Twenty One Capital.
The company has more Bitcoin it can buy because of its outstanding shares. Most notably, the company launched an IPO for its SATS preferred asset that gave it enough cash to buy 7,328 coins. The goal is to use these funds to buy Bitcoin.
Bitcoin has jumped to $84,360, and this trend may continue in the long term as JPMorgan Asset Management predicts. In a report released this week, the bank said that Bitcoin will likely outperform top assets like gold, stocks, and bonds. It predicts that the coin will have annualized growth of 10% in the long term.
American investors have taken notice and are continuing to accumulate Bitcoin ETFs. Data shows that spot Bitcoin ETFs added $23 million on Tuesday after adding $526 million on Monday. In total, these funds added $172 million in assets in July, followed by $3.52 billion in August and $2.65 billion in September.
Bitcoin price technical analysis points to more gains
BTC price chart | Source: TradingView
Technicals suggest that Bitcoin may be on the cusp of a bullish breakout. Bitcoin bottomed at $57,672 in July and then peaked at $87,254. It then pulled back to a low of $79,872.
A closer look shows that the coin has moved above the upper side of the falling wedge pattern. Falling wedge is made up of two descending and converging trendlines, with a breakout happening when the lines are nearing their confluence.
Bitcoin has moved above the important resistance level of $82,703, its highest point in May this year. Moving above that level has confirmed a bullish breakout. It has also remained above the Supertrend indicator.
Therefore, Bitcoin may continue rising, potentially to the resistance level of $87,254. A move above that level will point to more gains, potentially to the psychological level of $100,000. Such a jump will bring the value of its Bitcoin assets to $3.6 billion.
Strive stock price analysis
ASST stock chart | Source: TradingView
The daily chart shows that Strive bottomed at $7.10 in February and then started a slow comeback, reaching a high of $31.87. It then pulled back to a low of $22.51 on October 15.
Strive has remained above the Supertrend indicator, while the Relative Strength Index (RSI) has moved to 63, its highest level since October 6. Therefore, a move above the resistance level of $31.87 will point to more gains, potentially to the resistance level of $35.
The post Strive stock eyes a bullish breakout as Bitcoin recovery gains steam: what next? appeared first on Invezz