Strategy (NASDAQ: MSTR), the largest corporate Bitcoin treasury holder, is approaching a golden cross on its share-price chart, a technical signal that Bitcoin itself confirmed on September 8. A golden cross forms when a security’s 50-day moving average moves above its 200-day moving average, often interpreted as a shift toward stronger short-term momentum.
Strategy holds Bitcoin valued at approximately $69.81 billion. Observers note the crossover could complete as soon as Monday. The company began buying Bitcoin in August 2020, and previous golden crosses preceded major rallies: the September 2020 signal was followed by a roughly 717% gain into February 2021, while the March 2023 crossover preceded a climb from $25.29 to $473.83 — an increase of 1,774%. Still, since 1999 Strategy shares have produced 19 such crossovers, with only about a 50% success rate over a one-year horizon and a median twelve-month return of just 3.3%. The worst outcomes came after crossovers in 2001 and 2007, each followed by a 61% decline.
Bitcoin confirmed its own golden cross on September 8 and has since risen nearly 5% to around $82,000, after briefly exceeding $87,000 earlier in October. The recovery from July lows under $60,000 has also gained support from institutional flows. Spot Bitcoin ETFs added $23 million on Tuesday, following $526 million on Monday; monthly additions were $172 million in July, $3.52 billion in August, and $2.65 billion in September.
Strive, associated with Vivek Ramaswamy, has become the fourth-largest Bitcoin holder with 36,818 coins valued at over $3.1 billion, behind Strategy, Metaplanet, and Twenty One Capital. Its ASST stock climbed to $30.8, a gain of 335% from its year-to-date low. The company raised funds through an IPO for its SATS preferred asset to buy 7,328 additional coins.
JPMorgan Asset Management said in a report this week that Bitcoin will likely outperform gold, stocks, and bonds, predicting annualized growth of about 10% over the long term. Technical analysts also point to Bitcoin breaking above the upper side of a falling wedge pattern and above resistance at $82,703, with potential targets at $87,254 and later the psychological $100,000 level. Strive stock, meanwhile, remains above its Supertrend indicator with an RSI of 63, and a move above $31.87 could open the way toward $35.
