Strategy Inc. (NASDAQ:MSTR) Chair Michael Saylor voiced optimism for a “Bitcoin (CRYPTO: BTC) Summer” on Monday, even as the apex cryptocurrency battled macroeconomic uncertainty.
Will Summer Warm Up Bitcoin?
Saylor wrote “Looking forward to Bitcoin Summer” on X with a smiling face with sunglasses emoji.
Saylor's upbeat stance was interesting, given that Bitcoin tends to weaken during the summer months of May through September.
Bitcoin gains an annualized average of 15.01% during this period, according to market analytics firm Seasonax, compared to an annualized gain of 138% from September to May. August was particularly damaging, with median losses of 7.49% during the month.
Meanwhile, widely followed cryptocurrency analyst Kevin, who earlier called Bitcoin’s rejection at $125,000, predicted a bearish summer with BTC potentially slipping below $50,000 before the next leg up.
Iran Strikes Derail Momentum
Saylor’s remarks preceded a Monday overnight dip in Bitcoin after the U.S. launched strikes in southern Iran, sparking fresh geopolitical tensions.
Yet his firm, Strategy, continues to double down on Bitcoin, expanding its holdings to 843,738 BTC, worth over $64 billion. Strategy’s market valuation stood at $56.22 billion as of this writing, meaning that the stock is trading at a discount to its net asset value.
Price Action: At the time of writing, BTC was exchanging hands at $76,573.21, down 0.48% over the last 24 hours, according to data from Benzinga Pro.
Strategy shares closed 3.01% lower at $159.89 on Friday. The stock has gained over 5% year-to-date.
While the stock underperformed over the long term, it delivered robust short- and intermediate-term returns, according to Benzinga's Edge Stock Rankings.
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